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Get the latest information about state-wise minimum wages in India
The minimum wage is defined as the minimum amount of remuneration that an employer pays to employees for a given period. The minimum wage for every state is set by the government authority, wage board, wage council, or labour courts. The purpose of setting minimum wages is to prevent the exploitation of employees by the employer. Minimum wages ensure that employees can afford the cost of living. It is also an element to ensure equitable pay and promote economic development.
The minimum wage for every state is defined by the inflation level of that particular state. Inflation rate refers to the rate of increase in prices of daily used commodities over some time. It leads to a raise in the overall cost of living for an individual. The minimum wages increase annually based on the inflation rate in the economy and measured by the Consumer Price Index.
A high inflation rate is not good for the economy of any country. It can be a major cause of slow economic development.