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Title: Rationale and Equitable Pay Structure
Description: Formulation of rational and equitable pay structure has been one of the most significant social demands. Initially as an economic issue it was mainly the concern of the employer. But with the industrial progress and subsequent industrial balance between employers and employees, wage bargain has become a matter for the three-fold concern of the employer, employee and the State.
Description: Formulation of rational and equitable pay structure has been one of the most significant social demands. Initially as an economic issue it was mainly the concern of the employer. But with the industrial progress and subsequent industrial balance between employers and employees, wage bargain has become a matter for the three-fold concern of the employer, employee and the State.
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Rational and Equitable Pay Structure
Formulation of rational and equitable pay structure has been one of the most significant social
demands
...
But with the
industrial progress and subsequent industrial balance between employers and employees, wage
bargain has become a matter for the three-fold concern of the employer, employee and the State
...
It cannot be dealt purely on economic
considerations in isolation from the social policy and political culture of that particular community
...
The pressure of rising prices encroach on the living standards of employees,
the demand for higher wages and better working conditions creates price, market and production
problems for the management, and the final burden of finding a solution to the problems of wage
policy ultimately falls on the government
...
Initially
this requires that the national income shall be maximized; secondly that the national should be
divided equally among all the members of the economy, and thirdly there should be a fair amount
of stability in the national income
...
In order to secure this, it is necessary to achieve
the following:
-Full employment and optimum allocation of all resources
-Highest degree of economic stability consistent with an optimum rate of economic progress
-Maximum economic security for all sections of the community
-The major objectives of the policy must be aimed at attaining these conditions
...
Measures inspired by social
considerations inevitably have economic effects and those designed to achieve specific economic
results have social implications
...
Keeping the above facts in mind, it is essential that salary structure should be necessarily interrelated with broader economic decisions on the one hand, and with the goals set for social policy
on the other
...
Hence it
becomes necessary to maintain a balance between the objectives of economic development and
the principles of a democratic system in the formulation of a wage policy and salary structure
Title: Rationale and Equitable Pay Structure
Description: Formulation of rational and equitable pay structure has been one of the most significant social demands. Initially as an economic issue it was mainly the concern of the employer. But with the industrial progress and subsequent industrial balance between employers and employees, wage bargain has become a matter for the three-fold concern of the employer, employee and the State.
Description: Formulation of rational and equitable pay structure has been one of the most significant social demands. Initially as an economic issue it was mainly the concern of the employer. But with the industrial progress and subsequent industrial balance between employers and employees, wage bargain has become a matter for the three-fold concern of the employer, employee and the State.