Consider the following statements about Minimum wages-

1. Minimum wages have been defined as “the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract.
2. Minimum Wages Act 1948 was repealed in 2006 owing to the complications in defining a minimum wage adjusted to inflation.

Which of the above statements are correct?