General definition
Fair wages refer to:
‘Company practices that lead to sustainable wage developments’.
Extended definition:
Fair wages refer to:
‘Wage levels and wage-fixing mechanisms that provide a living wage floor for workers, while complying with national wage regulations (such as the minimum wage, payment of wages, overtime payments, provision of paid holidays and social insurance payments), ensure proper wage adjustments and lead to balanced wage developments in the company (with regard to wage disparity, skills, individual and collective performance and adequate internal communication and collective bargaining on wage issues).’
2))“The definition of a fair wage changes radically depending onwho is defining it, the giver or the one who gets. How muchare they worth? Am I getting paid enough? These are twomajor economic factors of today.”
~Michael Iva
3))Information on Fair Wage
The Fair Wage Self-assessment tool enables a manager to assess the way their company handles wage issues. It covers many different aspects of wages, ranging from wage fixing to pay systems to the wage trends compared to changes in productivity and the cost of living. This self-assessment is not a pass-fail test. It is a way of assessing the company's strengths and weaknesses in the management of a key element in the employment relationship, namely wages. It will show where improvements can be made, including in areas like wage policy and procedure, training, communication and documentation. It also shows you how wages can be used as a human resource management tool to attract, retain and reward the best people. It can therefore be used as an annual reference tool by manager’s to build on their strengths and improve on their weaknesses in the area of wages.