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Explain the concept of Compensating Wage premium by identifying the relevance and necessity of such additional payment over standard wage rates. In the current scenario

Explain the concept of Compensating Wage premium by identifying the relevance and necessity of such additional payment over standard wage rates.

In the current scenario of COVID-19, waste collection workers in different cities are expressing concern regarding their work conditions and, hence they are demanding higher wages. Explain if there is the relevance of the compensating wage premium concept in this scenario?

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