This report provides a detailed analysis of wage determination, focusing on the Fair Work Act and its implications. It examines various wage theories, including subsistence, standard of living, wage fund, residual claimant, marginal productivity, and discounted marginal productivity theories, critically evaluating their strengths and weaknesses. The report also explores the role of unions, specifically the Australian Council of Trade Union, in wage determination, advocating for workers' rights and improved working conditions. Furthermore, it delves into stakeholder approaches to reward management, discussing remuneration, compensation, and the motivation of employees through both intrinsic and extrinsic rewards. The conclusion emphasizes the significance of understanding wage determination theories for social researchers and the importance of promoting the standard of stakeholders, including the role of reward systems in motivating employees for the benefit of the company. The report uses references to support arguments.