Explanation:

• According to the Code Wages Act, the central government will fix a floor wage, taking into account living standards of workers. Hence statement 1st is correct.
• Central government may set different floor wages for different geographical areas. Before fixing the floor wage, the central government may obtain the advice of the Central Advisory Board and may consult with state governments. Hence statement 2nd is incorrect.
• The minimum wages decided by the central or state governments must be higher than the floor wage. In case the existing minimum wages fixed by the central or state governments are higher than the floor wage, they cannot reduce the minimum wages. Hence statement 3rd is correct.