The Taxation & Labor Market Demand
Education News | Feb-06-2022
A labor market is a place where workers and employees interact with each other. In the labor market employers compete to hire the best, and the workers compete for the best satisfying job.
Higher tax rates a labor income lead to less work on time in the legal market sector, while more work time leads to the household sector and smaller shares of national output and employment in industries that rely heavily on a low wage, low skill, and labor output. If the higher tax on labor income is in favor of labor or workers then it may increase more skilled labor to the industries and the country like ESI schemes insurance policy, Provident Fund, medical policy, etc. Under such type of scheme attracts more skilled labor and reliable if such type of taxes or scheme as is provided by the employer government to the labor. Government should impose a penalty or fine on the industries if they do not do so. India is a very big country and has more and more manpower in every field. If tax is imposed on labor and employee get less wage to compare to normal wage or as agreed, labor more to household work and devote much time there because their basic needs to look after their family and themselves.
Government or industries should make policy taxation to consider labor and workers for the better or best result for output in every field. Government should take some major steps and fix the minimum wage for labor so that nobody or employer should less wage according to the instruction by the government. In vise versa international market, Indian labor is always asked or demanded because in a foreign country, where the poverty line is very low so that's why they always demand Indian workers or laborers and they also take care of them and pay a higher amount of wage in comparison to India. That's why Indian workers move to other countries.
Taxation policy should be made to consider workers and for their benefit of them so that Indian talent should not go to other countries.
S. D. Public School
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