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profitably pay the wages fixed may be forced to wind up because of the financial burden. But, then,
what is the use of an industry if it cannot even pay a living wages to its workers and it is better to
dispense with it. Industries that can pay a living wage should, if necessary be forced to do so. The
difficulties to be encountered are rather those of practical operation. The administration of the modern
industry is very tedious due to the complexity of the wage system. However, if the wage limit is fixed
at the very lowest minimum, the risk is slight.
(3) Fair WagesA fair wage is something more than the minimum wages. Fair wage is a mean
between the living wage and the minimum wage. While the lower limit of the fair wage must obviously
be the minimum wage, the upper limit is the capacity of the industry to pay fair wage compares
reasonably with the average payment of similar task in other trades or occupations requiring the same
amount of ability. Fair wage depends on the present economic position as well as on its future
prospects. Thus the fair wages depends upon the following factors :
(1) Minimum Wages
(2) Capacity of the industry to pay
(3) Prevailing rates of wages in the same or similar occupations in the same or neighbouring localities
(4) Productivity of labour
(5) Level of national income and its distribution.
(6) The place of the industry in the economy of the country.