Minimum Wage-Fixing Machinery
Minimum Wage-Fixing Machinery : The institutional arrangements to determine the minimum wage. This process takes into account factors such as the physical and nutritional needs of workers and their families, the general level of wages in the country, the cost of living and changes therein, social security benefits, and the relative living standards of other social groups. It also takes account of economic factors, including the capacity of enterprises to pay, productivity (particularly productivity of labour), and the desirability of reaching and maintaining a high level of employment
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