The focus of the book is on the trend of wage movement in Indian industries with a view to highlighting the adequacy of the guidelines for fixation and regulation of wages, effectiveness of tripartite or bipartite wage negotiation, innovations in the wage structure through joint consultation of management and workers and finally evolving a mechanism for sharing the gains generated as a result of higher production and productivity. The study shows that in the evolution of wage policy over the years, a number of determinants were evolved but lacking comprehensiveness. Despite this limitation, there were agreements granting significant wage increases which were related to performance and thus both management and workers were benefitted. There were, however, many agreements which lacked innovations and granted only adhoc increases but not based on any sound rationale. These were mostly for neutralising increased cost of living due to price escalation. The study concludes by suggesting a broad outline for evolving a comprehensive wage policy. The in-depth analysis attempted in the book will be found useful by the policy makers in the Government as also researchers on the subject of HRD/personnel management in the industries as also the Trade Unions. They would have a choice of alternatives based on the innovations successfully introduced in many enterprises for mutual benefit. The overall wage trend for each of the major industries as thrown up by the study would be a valuable source of information for the intending new investors–both domestic and foreign. Wages constituting a major part of the total cost, a fair idea about the industry-wise pattern and trend of wages would facilitate speedy investment decisions.
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