Explanation:

Article 43 of the Constitution of India, which falls under the Directive Principles of State Policy, enjoins the State to endeavor to secure, by suitable legislation or economic organization, a living wage and conditions of work ensuring a decent standard of life to all workers. This principle guides the State to ensure that wage policies enable workers to lead a decent life, going beyond mere subsistence.

- Minimum wage refers to the lowest remuneration employers can legally pay.

- Fair wage is intermediate between minimum and living wages.

- Need-based minimum wage is not a standard term in Indian legislation.

Answer: Option 1 - Living wage