Definition of Fair Wages

General definition
Fair wages refer to:
‘Company practices that lead to sustainable wage developments’.

Extended definition:
Fair wages refer to:
‘Wage levels and wage-fixing mechanisms that provide a living wage floor for workers, while complying with national wage regulations (such as the minimum wage, payment of wages, overtime payments, provision of paid holidays and social insurance payments), ensure proper wage adjustments and lead to balanced wage developments in the company (with regard to wage disparity, skills, individual and collective performance and adequate internal communication and collective bargaining on wage issues).’