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Abstract:
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India is on the threshold of industrial and economic
development. The growth would be retarded if harmonious
employer-employee relations are not maintained. 'Wages'
plays a fundamental role in establishing this relationship.
However, much controversy in the industrial sphere revolves
round the question of wages. Though formerly the laissez
faire doctrine prevailed, with the emergence of the welfare
state ideology, notions of national economy and social
justice gained prominence. The problem of wages has became
one with social, political, economic, psychological and
legal dimensions.
Formulation of a proper wage policy is thus a riddle.
Realities of the present have to be fused with perspectives
about the future. With due recognition of all significant
factors, a proper balance has to be struck, which should
be the hard core of any wage policy. This study emphasises
the need for a wage policy which may meet the requirements
of rapid economic growth and stable industrial relations.
The study also indicates the proper bases for the promotien
of such a policy. |