COMPARATIVE STUDY OF THE FAIR WAGE, LIVING WAGE AND MINIMUM WAGE IN CONTEXT WITH MINIMUM WAGE LEGISLATION IN INDIA

Wages are an essential element for workers well being. The wages must be paid which fulfilled the basic needs of employees. This paper discussed three the concepts of wages i.e. fair wage, living wage and minimum wage. These three concepts used in various countries accordance with their social, economical and geographical condition. The minimum wage is dynamic concept. The minimum wage is the wage which is sufficient to cover the bare physical needs of worker and his family. The term "minimum wages" is used in a variety of ways throughout the world. India is one of the countries which adopted the concept of minimum wage accordance with guidelines of ILO.This paper highlights the issues and concerns relating to fair wage, living wage and minimum wage and their correlation between minimum wage legislation in India.