Wage boards are tripartite bodies composed of representatives from labor, management, and the government that are tasked with determining wages in specific industries. They consider factors like minimum living wages, industry capacity to pay, productivity, prevailing wages, income levels, the industry's importance, and social justice needs. While wage boards aim to align wages with economic and social policies and represent various stakeholder interests, they have also been criticized for lacking legal authority, producing compromise decisions rather than consistent policy, and having implementation delays.