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What are the basic factors in determining pay rates?

What are the basic factors in determining pay rates?

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Answer #1

The following factors are important consideration in determining pay rates for the workers

·         Ability to Pay by the firm

·         Demand and Supply estimate over a period of time or in one financial year

·         Prevailing Market Rates for the pay and wages

·         Cost of Living index

·         Government Regulations and necessary guidelines

·         Other things that varies from company to company

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