In this method, the value of all goods and services produced in different industries during the year is added up. But the process of production uses up a certain amount of fixed capital. Many of the products pass through a number of stages before they are ultimately purchased by consumers.
It may last longer or for a shorter period. This theory does not take note of that. But if, during the current year, a portion of a house is constructed anew, the increase in the value of the house after subtracting the cost of the newly constructed portion will be included in the GNP.
Organisations have various jobs which are relative in value term. Compulsory conciliation and arbitration. According to this method, the net income payments received by all citizens of a country in a particular year are added up, i.
The problem is whether that part of the produce which is not sold in the market can be included in national income or not.
That is why when the owner of a firm marries his lady secretary, her services are not included in national income when she stops working as a secretary and becomes a housewife. It provides for the appointment of Industrial Tribunals and National Industrial Tribunals for settlement of industrial disputes including those relating to wages.
In economics, the price paid to labour for its contribution to the process of production is called wages. This theory is based on bad ethics.
It is true that there is relationship between standard of living and wages. The salary paid to a worker is an instance of cash wages.
However, difficulties arise in the calculation of value added in the case of certain public services like police, military, health, education, etc. However, these theories are not applicable in all circumstances. On the other hand, when imports exceed exports, net income earned from abroad is negative and domestic income is greater than national income.
Wages and Salaries paid in Kind: Government provides a number of services, such as police and military services, administrative and legal services. For instance, raw materials, semi-finished products, fuels and services, etc.
Some of the early theories of wages are: Therefore, the first sentences of a concept paper are very important. An example will make the things clear.These concepts are: minimum wage, living wage, and fair wage.
Later, the concept of need-based minimum wage was added. Later, the concept of need-based minimum wage was added. Let us have. Write a note on Inspector appointed under the minimum wages Act. Inspectors: The appropriate Government may, by notification in the Official Gazette, appoint inspectors for the purposes of this Act.
Wages: Definition, Types and Other Details. Article Shared by. ADVERTISEMENTS: it will be termed as contract wages. Concepts of Wages: The following are the two main concepts of wages: A.
Nominal Wage: ADVERTISEMENTS: This website includes study notes, research papers, essays, articles and other allied information submitted by visitors. The main objective of wage and salary administration is to establish and maintain an equitable wage and salary system.
This is so because only a properly developed compensation system enables an employer to attract, obtain, retain and motivate people of required calibre and qualification in his/her organisation.
This factsheet contains a set of guidelines on how to write a concept note, offering also a template to help you drafting an eye catching document to ensure the success of your project.
The length and the format for writing a concept note actually depend upon the donor agency. Usually donors do not have a format for a concept note as they. 1) Introduction - Wage is a remuneration to labor for the work done for the service rendered by it to the employer.
There are different theories on the concept of wages as enunciated by economists and sociologists, which explain various aspects of wage problems.Download