Floor wage fixation requires consultation, minimum living standard assessment, and periodic revision for cost-of-living changes. The Central Government may fix the floor wage after consulting the Board and considering the minimum living standard, including food, clothing, housing and other relevant factors. The consultation may be circulated to State Governments for comments, and their views may be considered before fixing the floor wage. The floor wage may ordinarily be revised at intervals not exceeding five years, with periodic adjustment for variations in the cost of living in consultation with the Board and the State Governments.