Discussion
The concepts of wages are :
Answer: A
The concepts of wages are minimum wages, fair wages and living wages.
These three levels were defined by India's Committee on Fair Wages (1948). The minimum wage covers bare sustenance plus some education, medical needs and amenities; the living wage provides for a reasonable standard of comfort; and the fair wage lies between the two, set by the industry's capacity to pay and prevailing rates.
Tips, bonus and 'no wages' are not wage concepts, and phrases such as 'spending wages' or 'gifting of wages' are not recognised terms in wage theory.
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