WAGE SETTER Meaning and
Definition
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A wage setter is an individual or entity with the authority to determine and establish the level of wages paid to employees within a company or industry. This term typically refers to the person or group responsible for setting the minimum or base wage for a particular occupation or sector. Wage setters can encompass various entities, including employers, government bodies, labor unions, or collective bargaining agents.
The role of a wage setter is crucial as they have the power to influence and shape wage policies and employment conditions. The process of wage setting usually involves analyzing numerous factors such as market conditions, economic growth, labor demand and supply, productivity levels, and prevailing industry standards. It requires striking a balance between the interests of employees, employers, and the overall economy.
Wage setters often engage in negotiations and consultations to reach an agreement on fair compensation levels. They play a critical role in ensuring that wages align with the value of the work performed, aiming to provide workers with appropriate remuneration that reflects their skills, experience, and productivity. Additionally, wage setters are tasked with promoting equitable and non-discriminatory compensation practices, striving for social and economic justice within the workforce.
Overall, wage setters have a significant influence on the living standards and well-being of workers, as well as on the stability and efficiency of labor markets and industries.
Common Misspellings for WAGE SETTER
- qage setter
- aage setter
- sage setter
- eage setter
- 3age setter
- 2age setter
- wzge setter
- wsge setter
- wwge setter
- wqge setter
- wafe setter
- wave setter
- wabe setter
- wahe setter
- waye setter
- wate setter
- wagw setter
- wags setter
- wagd setter
Etymology of WAGE SETTER
The term "wage setter" is not commonly found in dictionaries or widely used in English. However, if we break down the individual words, we can examine their etymology.
1. Wage: The word "wage" originated from the Old English "wæge", meaning "a payment for services performed". The Old English word is derived from the Germanic word "wagaz", which also denotes "a pledge" or "security". Over time, the meaning of the term evolved to specifically refer to the payment made to workers in exchange for their labor.
2. Setter: "Setter" is derived from the Old English word "setere", which referred to a person who established or arranged something. It is related to the verb "set", which means to place or fix something in a particular position.
Similar spelling word for WAGE SETTER
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