Types of Earnings: Wages, Salary, and Pays

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Questions and Answers

What is the primary factor that influences the nominal wages of a worker?

Availability of workers

Necessities of life

Type of industry

Worker's skill and capability (correct)

Which type of wages includes the money value of facilities provided by the employer?

Living Wages

Real Wages (correct)

Minimum Wages

Nominal Wages

What is the purpose of paying wages to a worker?

To increase the worker's productivity

To satisfy the worker's ordinary needs and necessities (correct)

To reward the worker for their hard work

To maintain a good industrial relationship

Which type of wages is the minimum amount a worker should receive?

Minimum Wages Signup and view all the answers

What is the difference between nominal wages and real wages?

Nominal wages are lower, while real wages are higher Signup and view all the answers

What is the term used to describe the money paid to high-level officers, engineers, and managers?

Salary Signup and view all the answers

Which type of wages is designed to provide a comfortable life to the worker?

Living Wages Signup and view all the answers

What is the main reason why wages should be sufficient?

To satisfy the worker's ordinary needs and necessities Signup and view all the answers

Which type of wages is the same as money wages?

Nominal Wages Signup and view all the answers

Who receives pays, according to the text?

Clerical staff and supervisors Signup and view all the answers

What is the primary goal of the Asian Productivity Organisation?

To increase productivity through mutual cooperation in the Asia-Pacific region Signup and view all the answers

Where is the APO Secretariat located?

Tokyo Signup and view all the answers

What is the APO's approach to sustainable socioeconomic development?

Through policy advisory services and institutional capacity-building efforts Signup and view all the answers

What is the eligibility criterion for APO membership?

Countries in Asia and the Pacific that are members of the UN ESCAP Signup and view all the answers

What is the current number of APO member countries?

21 Signup and view all the answers

What is the objective of the NPC?

To promote innovation-led productivity in a sustained manner Signup and view all the answers

What is the focus of the APO's smart initiatives?

Industry, agriculture, service, and public sectors Signup and view all the answers

What is the real wage of an engineer who is paid Rs. 1800/- per month in cash and provided with free accommodation having a rental value of Rs. 200/- P.M?

Rs. 2000/- Signup and view all the answers

What is the APO's role in shaping the future of the region?

By assisting member economies in formulating national strategies Signup and view all the answers

What is the NPC's approach to productivity?

Holistic and inclusive approach addressing the triple bottom line Signup and view all the answers

What is the primary objective of fixing a minimum wage?

To protect the worker from exploitation and ensure a decent standard of living Signup and view all the answers

What is the objective of demonstrating value addition by NPC?

To generate and apply advanced productivity tools Signup and view all the answers

What is the range of the fair wage?

Between the minimum wage and the living wage Signup and view all the answers

What is the purpose of a sound wage system of wage payment?

To impose a discipline on all types of wage payment Signup and view all the answers

What is the accreditation received by the National Productivity Council (NPC)?

ISO 17020:2012 Signup and view all the answers

What is the term of validity of the accreditation received by the National Productivity Council (NPC)?

3 years Signup and view all the answers

Who is the President of the National Productivity Council (NPC)?

Minister of Commerce and Industry Signup and view all the answers

What is the year in which the National Productivity Council (NPC) was established?

1958 Signup and view all the answers

What is the organization of which the Government of India is a founding member?

Asian Productivity Organisation (APO) Signup and view all the answers

What is the service provided by the National Productivity Council (NPC) to the Government and Public & Private sector organizations?

Consultancy and Training Signup and view all the answers

Study Notes

Wages

Wages are the sum of money paid by an employer to a worker for their service.
Wages, salary, pays, and fees are synonymous terms.
Wages can be classified into different categories.

Types of Wages

Nominal Wages: The amount of money paid to a worker in cash for their effort, also known as money wages.
Real Wages: The total value of all facilities provided by the employer, including the cash payment, to the worker.
Living Wages: The wages that meet some of the requirements of a social family, such as education, housing, food, clothes, medical care, and insurance against misfortune.
Minimum Wages: The minimum amount of wages that ensures the basic needs of a worker are met, taking into account the cost of living.
Fair Wages: A wage that is fair and sufficient for a worker's skills and provides for their family's needs.

National Productivity Council (NPC)

Establishment: Established in 1958 as an autonomous organization under the Department for Promotion of Industry & Internal Trade, Ministry of Commerce and Industry, Government of India.
Accreditation: Accredited conforming to ISO 17020:2012 by National Accreditation Board for Certification Body (NABCB), Quality Council of India (QCI) for undertaking inspection and audit work in the area of Food Safety Audit and Scientific Storage of Agricultural Products.
Objectives: To promote innovation-led productivity, propagate productivity consciousness, and demonstrate value addition through generation and application of advanced productivity tools and techniques.

Asian Productivity Organisation (APO)

Establishment: Established in 1961 as an inter-governmental organisation to increase productivity in the Asia-Pacific region through mutual cooperation.
Objectives: To contribute to the sustainable socioeconomic development of the region through policy advisory services, research, and institutional capacity-building efforts.
Membership: Open to countries in Asia and the Pacific that are members of the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP), currently consisting of 21 countries.

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Description

Learn about the differences between wages, salary, and pays, and how they relate to various occupations and standard of living.