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India‘s wage policy is basedon:
cost ofliving
standard ofliving
productivity
none ofthese
- Option 1: Cost of living
- This means setting wages so workers can afford basic needs (food, shelter, clothing).
- Many believe minimum wages should cover rising living costs.
- Option 2: Standard of living
- Focuses on allowing workers to enjoy a better quality of life, not just meeting basics.
- Goes beyond mere survival, aims for comfort and some social well-being.
- Option 3: Productivity
- Suggests wages should match how much a worker produces or contributes.
- Often used in more advanced economies, linking wages to output.
- Option 4: None of these
- This means none of above factors are considered, which is not the case.
Correct Answer: Option 1 - Cost of living
India’s wage policy mainly aims at covering cost of living, especially when setting minimum wages.
By: Parvesh Mehta ProfileResourcesReport error
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