LIVING WAGE:

Living wage is a term relating to the minimal salary necessary for someone to obtain some specific trendy of residing. in the context of evolved countries along with U.K and Switzerland., this general generally means that a person running forty hours a week without an extra earnings, need to be able to have the funds for a unique great or amount of housing, food, utilities, delivery, fitness care and recreation. This idea differs from the minimal wage in that the latter is about with the aid of law and might fail to satisfy the requirements of a living wage. In our country for sure reasons there is no statutory definition of dwelling salary. But it could be talked about that truthful salary committee in its document observed that it turned into now not feasible to restore a living salary within the context of low degree of our countrywide income. However, the time period dwelling wage has been defined by means of the truthful salary committee (1949) as follows:

• “The dwelling wage need to enable the male earner to provide for himself and his family now not simply the naked necessities of meals, apparel and refuge but a degree of frugal comfort such as schooling for children, safety against sick fitness, requirements of essential social wishes and a measure of coverage towards the greater crucial misfortunes along with old age”
• In step with this committee dwelling wage is the very best level of the wage and naturally it would include all the services which a citizen dwelling in a current civilized society turned into entitled to expect whilst the financial system of the united states of America changed into sufficiently superior and the employer became able to meet the expanding aspirations of his employees.
• Living salary is a “will” they want which floats a little further in advance, an arm’s duration out of reach.- report of the national fee on labour (1969)
• The concept of dwelling salary may additionally range from country to us of a, vicinity to vicinity as it depends upon the price stage of necessaries of life and it's far determined by using the socio-financial situations of a particular united states.
• In quick living salary is a political perfect to be done and it method and consists of salary, pay or remuneration for the paintings executed, which is pretty important for supplying requirements of lifestyles including meals, cloth and refuge which include upkeep of fitness, training, frugal comforts and certain approach of activity which might be pretty important for a person to steer his lifestyles in society as person

FAIR WAGE:

Fair wage means a mean between the living wage and the minimum wage.

In Hindustan Times Ltd. V. Their Workmen (1963):

 “The SC described Fair Wage as something above the minimal salary. Which might also more or less said to approximate to the need primarily based minimum salary, inside the feel of a salary that's adequate to cowl the everyday needs of average employee appeared as individual inside the society”

In solving minimum wage the capacity of the agency to pay is not taken into consideration to be applicable. However in case of truthful salary, except the principle of industry-cum place, the employer’s potential to endure the financial burden have to get hold of due attention.

The committee on truthful salary envisaged that even as the decrease restrict of wage ought to glaringly be minimal wage, the higher restriction is equally set through what may extensively be known as the ability of the industry to pay. This can now not handiest rely on gift monetary condition of enterprise but on future potentialities. The wages will rely upon:

• Productiveness of labour ;
• Triumphing costs of wages within the equal or similar occupations in the equal or neighbouring localities.
• Stage of country wide earnings and its distribution.
• Place of the enterprise inside the economy of the country.

In figuring out the potential of an enterprise to pay, it'd be incorrect to take the potential of a particular unit on the capacity of all the industries in the U.S. the relevant criterion should be the capacity of a specific enterprise in a designated location and as a long way as possible, the same wages need to be prescribed for all of the devices of that enterprise in that area.