Wages and Compensation

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Questions and Answers

Where is the APO Secretariat located?

Beijing

Tokyo (correct)

Seoul

Singapore

What is the primary objective of the APO?

To promote sustainable socioeconomic development (correct)

To reduce poverty in the Asia-Pacific region

To increase trade among member countries

To promote tourism in the Asia-Pacific region

How many countries are currently members of the APO?

21 (correct)

What is the criteria for APO membership?

Membership in the UN ESCAP 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 determines the standard of living of an individual?

Real wage Signup and view all the answers

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

Formulating national strategies for enhanced productivity Signup and view all the answers

What is the objective of the NPC?

To promote innovation-led productivity Signup and view all the answers

What is the purpose of fixing a minimum wage?

To protect the labour from exploitation Signup and view all the answers

What is the range of fair wage?

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

What is the significance of the triple bottom line in the NPC's objectives?

Economic, Environmental, and Social Signup and view all the answers

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

To impose discipline on wage payments Signup and view all the answers

What is the role of the APO as a think tank?

To provide policy advisory services Signup and view all the answers

What is the National Productivity Council (NPC) accredited for?

Food Safety Audit and Scientific Storage of Agricultural Products Signup and view all the answers

What is the significance of institutional capacity-building efforts in the APO?

To enhance productivity in member economies Signup and view all the answers

What is the purpose of the APO's research and centers of excellence?

To enhance productivity in member economies Signup and view all the answers

When was the National Productivity Council (NPC) established?

1958 Signup and view all the answers

Who acts as the President of the National Productivity Council (NPC)?

Minister of Commerce and Industry Signup and view all the answers

What is the National Productivity Council (NPC) a constituent of?

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

What services does the National Productivity Council (NPC) provide to the Government and Public & Private sector organizations?

Consultancy and training services in various areas Signup and view all the answers

What is the term used to describe the sum of money paid by an employer to a worker for their service?

Wages Signup and view all the answers

What type of wage is the amount of money paid to a worker in cash, excluding any other benefits?

Nominal Wages Signup and view all the answers

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

Capability of the worker and their skill Signup and view all the answers

What is the term used to describe the total value of money and facilities provided to a worker by an employer?

Real Wages Signup and view all the answers

What is the purpose of wages, according to the text?

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

Which of the following is NOT a type of wage?

Pension 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

Who receives pays?

Clerical staff, supervisors, and middle-level employees Signup and view all the answers

What is the impact of a change in the factory on nominal wages?

The nominal wages may need to be changed Signup and view all the answers

Why is it important for wages to be sufficient?

To enable the worker to maintain a comfortable standard of living 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

This quiz covers the concept of wages, its definition, and its differences with salary, pays, and fees. It also explains how wages affect the standard of living of workers.