WAGE SETTLEMENT Meaning and
Definition
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Wage settlement refers to the resolution or agreement reached between employers and employees regarding the terms and conditions of compensation for work performed. It is a negotiated resolution that typically results from collective bargaining between labor unions, worker representatives, and management representatives. The settlement is aimed at determining fair and equitable wages, benefits, and working conditions for the employees.
In a wage settlement, various factors come into play, such as job responsibilities, skills required, market demand for certain jobs, cost of living, and profitability of the organization. Both parties engage in discussions and negotiations to establish an acceptable level of wages that reflects the value of the work being performed and meets the needs of the employees.
The settlement can include adjustments to basic wages, allowances, bonuses, and other benefits, such as healthcare, retirement plans, and leave policies. The negotiation process may involve examining wage data from similar industries or analyzing economic indicators to determine an appropriate wage increase. Additionally, the settlement may stipulate guidelines for future wage adjustments, along with mechanisms for dispute resolution or reevaluation of the terms.
A successful wage settlement is crucial for maintaining favorable labor relations and ensuring the well-being and job satisfaction of employees. It promotes a fair and harmonious work environment, fostering motivation, productivity, and stability within the organization.
Common Misspellings for WAGE SETTLEMENT
- qage settlement
- aage settlement
- sage settlement
- eage settlement
- 3age settlement
- 2age settlement
- wzge settlement
- wsge settlement
- wwge settlement
- wqge settlement
- wafe settlement
- wave settlement
- wabe settlement
- wahe settlement
- waye settlement
- wate settlement
- wagw settlement
- wags settlement
- wagd settlement
- wagr settlement
Etymology of WAGE SETTLEMENT
The term "wage settlement" has a straightforward etymology. Let's break it down:
1. Wage: The word "wage" originates from the Middle English "wage" or "wagge". It stems from the Old English word "wæge", meaning "payment for services rendered" or "compensation for work". The Old English term itself can be traced back to the Proto-Germanic root "wogjon" or "wagją", which meant "to move one's self forward or exert oneself".
2. Settlement: The word "settlement" comes from the Old English word "setelment" or "sētlung". It derived from the verb "setlan", meaning "to place in a certain way" or "to decide". The root can be linked to Proto-Germanic "satjanan", which had a similar meaning.
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