An Assessment of the Growth and Development of Wage Boards in India
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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In India, one of the ways of determining the wages of people is through the widely accepted idea of instituting wage boards. These statutory bodies recommend minimum wages and other benefits for different categories of employees in various sectors of the economy. These wage boards turned out to be effective in satisfying their most important objective of advancing industry-wise negotiations and they have ensured active participation by the parties or employers in the determination of wages and other terms and conditions of employment. This assignment examines the growth and development of wage boards in India.
Wage boards are composed of representatives from employers, employees, and independent experts appointed by the government. The wage boards aim to ensure fair and equitable compensation for the workers, taking into account their skills, productivity, cost of living, and other factors.
They consider various factors such as the cost of living, productivity, profitability, skill level, etc. while fixing the wages and other benefits of workers. Wage boards also review and revise salaries periodically to keep pace with changing economic conditions and social needs. Wage boards promote social justice and economic development by ensuring a decent standard of living for workers and a fair return on investment for employers.
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An Assessment of the Growth and Development of Wage Boards in India A Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand what is meant by wage boards and why there is a need for them in any organization
- Understand how to evaluate the effectiveness of wage boards in any organization
- Apply wage boards to real-life businesses
1.0 INTRODUCTION
Wage boards are committees or panels appointed by the government, which determine the minimum wages and other benefits for workers in a specific industry or sector. Wage boards consist of representatives from employers, employees, and independent experts appointed by the government. Wage boards aim to protect the interests of both labor and capital and to promote fair and harmonious industrial relations. The concept of wage boards originated in the United Kingdom during the First World War when the government set up committees to fix minimum wages for various trades. Many other countries, including India, later adopted the idea.
This assignment is going to examine the growth and development of wage boards in India. Major questions tackled are; what are the wage boards in India? What is the importance of the wage board in India?
The first wage board in India was established in 1946 for the coal mining industry, followed by others. The main objectives of these wage boards were to ensure fair wages, prevent exploitation of labor, promote industrial peace and harmony, and foster economic development.
The wage boards in India have followed different methods and criteria for fixing wages, such as the need-based minimum wage, the capacity to pay, the prevailing market rates, the productivity of labor, the cost of living index, etc. The wage boards have also taken into account various factors such as regional variations, skill levels, experience, seniority, etc. while determining the wage structure.
These wage boards have played an essential role in improving the living standards of workers and reducing wage disparities across industries and regions. They have also contributed to social security and the welfare of workers by recommending various allowances and benefits such as dearness allowance, house rent allowance, medical allowance, provident fund, gratuity, bonus, etc.
Over the years, wage boards have played an essential role in improving the living standards of workers, reducing wage disparities, and fostering collective bargaining. However, wage boards have also faced several challenges and criticisms, such as lack of uniformity, delay in implementation, rigidity, politicization, and inefficiency. Therefore, there is a need to reform and revitalize the wage board system in India, to make it more responsive, transparent, and effective in achieving its objectives.
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