Which of the following statement is correct ........

Economic Affairs Employment related Issues

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Which of the following statement is correct?

Theoretically the minimum wage should lie between the fair wage and living wage.

Theoretically the living wage should lie between fair wage and minimum wage.

Theoretically the fair wage should lie between the living wage and minimum wage.

The minimum wage, fair wage and living wage are mutually independent of each other.

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Explanation:

Third option is correct.

The minimum wage is the statutory defined minimum basic pay whereas the living wage is that wage that ensures a basic pay along with basic luxury. The fair pay is associated with capacity of the enterprise to pay the wages. Thus, theoretically the fair wage should lied between living wage and minimum wage.