Economics · Economy
Consider the following statements regarding the National Floor Level Minimum Wage (NFLMW): Statement I: The National Floor Level Minimum Wage is a statutory wage fixed under the Code on Wages, 2019, below which no state can set its minimum wages. Statement II: The National Floor Level Minimum Wage was introduced in 1996 as a non-statutory benchmark to guide states in fixing minimum wages and is periodically revised based on price indices. Which one of the following is correct in respect of the above statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Both Statement I and Statement II are correct, and Statement II is the correct explanation for Statement I.
- 2Both Statement I and Statement II are correct, but Statement II is not the correct explanation for Statement I.
- 3Statement I is incorrect, but Statement II is correct.✓
- 4Statement I is correct, but Statement II is incorrect.
Correct answer
Statement I is incorrect, but Statement II is correct.
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Economics?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Economy MCQs →Want more practice questions on Economy?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Economics · Economy