INTERNATIONAL LABOUR ORGANIZATION’S ROLE ON MINIMUM WAGE POLICY AND THEIR IMPACTS ON WORLD COUNTRIES

Abstract

The inadequate and unfair wages paid to the workers is the critical issue in all over the world. The minimum wage ensures not merely the physical needs of worker which would keep him just above the starvation but ensure his subsistence of his family as well. The term “minimum Wages” is used to refer to those rates which are fixed by a process invoking the authority of state and below which wages cannot legally fall.  This paper discussed aims and objectives of International Labour Organization (ILO) for framing minimum wage policy for whole world. The minimum wage is the subject of substantial theoretical as well as political controversy. This paper highlights certain Conventions and Recommendations which adopted by ILO for framing the standard setting principle for fixing minimum wage policy. The guideline of ILO’s Conventions and Recommendations on minimum wages helps world countries to framed effective and sound minimum wage policy for their economic development.