Industrial Wage and Indebtedness: Evidence of a Theoretical Divide
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Abstract
Studies on indebtedness of the working-class had unarguably contented insufficient remunerative components as the antecedent to the deplorable state of the working-class. The labour movements across the world came into being in an uprising to mend this issue. However, the present study identifies that higher wage and indebtedness co-exist posing a query against the theoretical robustness of conventional labour market studies. The selected employees belong to workmen category. Three public sector undertakings from Kerala, India, were contacted to investigate their general socio-economic status and indebtedness. The outcome of the study is an overt departure from the literature. The results of the study indicate the complementarity between wage and indebtedness, though it cannot be proven empirically. We found the ubiquitous presence of indebtedness among the respondents of the study. It was observed that people tend to live up to the expectation of their social circles than that of their capability and affordability conditioned by their current income. Our finding seeks non-wage intervention from the employer and logical financial prudence from the part of the employees to address the issue of indebtedness.
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