CONCEPT OF WAGES
Origin and Introduction of Wages
Wage could be a reward for the services rendered or remuneration for the work done and it's as old because the society itself. within the primitive days, wages were paid in a similar way, most typical of them was grains and therefore the food. however, with the arrival of manufacture wages kind a fancy downside and in most industrialized countries it became a sensitive space of public policy. Very soon the quantum of wages assumed a typical explanation for friction between the employers and therefore the wage earners. Frequent disputes between leader and wage-earners resulted in strikes over the demand for wage-increase. The determination of adequate wages that ought to be with reason payable to the workmen by the leader, wasn't simply Associate in Nursing economic downside however a multidimensional phenomenon, essentially involving relevant factors like place of business, prices of the merchandise, living standards, basic wants of die wage-earner and therefore the governmental policy in a very given society. The natural instinct of the leader to stay the wage-bill to a minimum and workers struggle to secure a wage-increase to satisfy each ends, created a chaotic state of affairs that demanded a direct State’s intervention to shield the weaker section of the society, namely, workers, in sight of its low dialogue capability. How much and on that basis wages ought to be paid to the staff for services rendered by them has been a subject matter matter of nice concern and discussion among economic thinkers for a long time. This has born to many wage theories, i.e., however wages square measure determined. Out of them, some vital theories of wages square measure mentioned here.
In the normal language the term wages imply ‘reward’ to the labourers for the services rendered by them. it should be paid daily, weekly, fortnightly, monthly, per hour or per unit. Services rendered by the working man embody each physical and mental services. In the words of Benham, “Wages square measure a total of cash paid beneath contract by Associate in Nursing leader to a employee for services rendered”. According to International Labour Organization “Wages seek advice from that payment that is created by the employers to the labourer for his services employed on the conditions of payment per hour, per day, per week or per fortnight.” we are able to total up the wages by concerning that reward that is received from the employer for the services rendered by the working man per week, per month, per period or per unit, it includes allowances additionally
The first was the medieval amount of church domination, with the philosophy of the "Just Price" that meant in point of fact a simply wage, whether or not for the merchant or the craftsman; it had been that price of his wares which might modify him to keep up himself and his family per their established position within the community. The simply worth was concocted by churchmen and given a moral flavour to support the standing it's a relic of a static society, from that each intellectual and natural progress were absent, and it'd appear to be simply historical interest, even so, there square measure rudimentary remnants of the simply wage in a number of the additional advanced societies of contemporary time. The allowances and privileges enjoyed by certain or and privileged category of families within the society square measure instances explaining their existence even nowadays.