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Economic Survey 2020 pitches for effective minimum wage policy

Economic Survey 2020 pitches for effective minimum wage policy

Economic Survey 2020 pitches for effective minimum wage policy
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By Timsy Jaipuria  Jan 31, 2020 2:51:54 PM IST (Updated)

The Economic Survey 2020 was tabled in the Parliament today, a day ahead of the presentation of the Union Budget 2020. 

The Economic Survey 2020 has pitched for an effective minimum wage policy. Wage policy is a potential tool not only for the protection of low paid workers but is also an inclusive mechanism for more resilient and sustainable economic development.

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The survey calls for fixing of minimum wages in four categories viz., unskilled, semi-skilled, skilled and highly skilled. Wages should be fixed based on the geographical region and should cover all workers, irrespective of any wage ceiling, the Economic Survey 2020 said.
Country's present minimum wage system is complex. The wage policy has 1,915 minimum wages defined for various scheduled job categories across various states. One in every three wage workers in India is not protected by the minimum wage law in India.
A simple, coherent and enforceable minimum wage system should be designed with the aid of technology as minimum wages push wages up and reduce wage inequality without significantly affecting employment.
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