The present volume brings out late Shri K.K. Agrawal’s research study on integrated wage policy which examines various facets of wage determinants and proposes policy measures to rationalise wage structure in the country. Using an aggregative approach, the study examines the existing pattern of wage share in national economy and industry groups and forecast of future directions. Economic rationale for the existing wage situation has been sought and emerging trends in important spheres of industrial wages have been critically evaluated. Need and adequacy of price indexation of wages on compulsory instead of voluntary basis has been suggested in safe-guarding the real worth of money wages. Implicit price deflator of gross domestic product has been proposed for adjusting stationary impact on wages. Economic factors as well as economic role of institutional factors which determine the absolute level of wages in different industries and rationale of inter industry wage-differentials have been identified. Role of various factors like employment, productivity, trade unionism and fringe benefits; governments policy on wage determination has been critically examined. Efforts have been made to establish inter-linkages between these seemingly inter-dependant facets of wages determination. Remedial measures for observed deficiencies have also been suggested.
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