21/06/2024
WAGES
WAGES ARE THE PAYMENT GIVEN TO AN EMPLOYEE BY AN EMPLOYER FOR WORK DONE IN A SPECIFIC PERIOD OF TIME, IRESPECTIVE OF PROFIT OR LOSS OF THE COMPANY.
GENERALLY WAGES ARE THE PERFECT EXAMPLE OF DIRECT EXPENSES OF THE COMPANY. FOR RUNNING A BUSINESS, COMPANY HIERS SOME SPECIFIC SKILL SET PRSON FOR DOING SOME SPECIFIC WORK UNDER SPECIFIC TIMELINE FOR WHICH COMPANY HAS TO GIVE PAYMENT IN TERMS OF MONEY. THIS IS THE FIXED EXPENSE BEARS BY THE COMPANY FOR RUNNING A BUSINESS.
THE WAGES ARE GENERALLY COMES UNDER THE GOVERNANCE OF TWO ACTS: THE MINIMUM WAGES ACT 1948 AND THE PAYMENT OF WAGES ACT 1936.