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Understanding Wage System


Wages or Salaries means the monetary compensation given to the individuals in lieu of their Services rendered to the particular organizations. Wages are one of the chief factors contributing towards higher social and economic life of the economy. In the words of Jules Beckman, " What happens to wages is of critical concern to everyone. To the worker, wagerepresent income; to the businessman, they represent costs; and to the government, they represent potential taxes. Wages are largest source of purchasing power; hence, changes in labour income have an important bearing on the level of economic activity. At the sametime, payments for the labour are the most important element of cost in our economy and thus influence the level of prices and of profits."

Wage criteria means the terms on which the employer can choose a suitable wage level from amongst the heaps of wage levels.The terms determining the wage levels in any organization are:
1) Organization's financial health & profitability,2) Current Wage level practices among the competitive firms of the region,3) Bargaining power of the workers,4) Lack of the skilled workers in the region & 5) Cost of living index of the region

WAGE PROBLEMS:The factors which are responsible for the wage problems today are cited below:
1) ABERRATION IN THE SALARY STRUCTURES AMONG THE CO-WORKERS:In many organization, some workers are given extra wages in the forms of various incentives whereas some of the workers doing work at the same level are debarred from such incentives.Though efficiency and productivity of worker is important in determining the wage structure of the worker in any Production unit. However, this salary aberration brings dissatisfaction among the various workers working in an enterprise.
2) PRESENCE OF STRONG WORKER'S UNION:Actually, in many countries, workers of the organizations are united under the banners of different trade unions. Almost all the trade unions are affiliated to the political parties of various countries. These workers by the inducement of the trade unions often demands better wages, incentives, bonus etc. from their employers whereas the many employers do not pay heeds to the worker's such demands and this situation ignites the labour-management dispute. The situation worsens, when none of the parties of the dispute i.e., workers and management are ready to bow down their heads.

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