Report Wire - Wage Rate Index: Base revised to 2016, new industries added

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Wage Rate Index: Base revised to 2016, new industries added

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Wage Rate Index: Base revised to 2016, new industries added

The authorities has revised the bottom yr for Wage Rate Index (WRI) to 2016 which is able to change the previous collection with base of 1963-65. The revised base might be extra consultant and play a important position in figuring out the minimal wages and nationwide flooring wages together with different parameters.
Labour Minister Bhupender Yadav mentioned, “The new series on WRI has been compiled on half-year basis as against the annual in the existing series. The new WRI series would be point-to-point, half-yearly, with reference date as January 1 and July 1 of every year.”
The New WRI basket (2016=100) has enhanced the scope and protection when it comes to occupations and industries as in comparison with previous WRI collection (1963-65=100). Of the 37 industries lined within the new collection, 16 new ones — together with textile clothes, footwear and petroleum — have been added to the brand new basket, mentioned DPS Negi, Principal Advisor, Labour & Employment Ministry.
Manufacturing, mining and plantation sectors have weights (estimated whole wage invoice) of 82.57 per cent, 11.23 per cent and 6.20 per cent, respectively, within the new WRI collection as in opposition to weights (estimated employment) of 48.78 per cent, 17.01 per cent and 34.21 per cent within the previous collection.
The prime 5 industries — motor automobiles (11.49 per cent), coal mines (9.53 per cent), textile clothes (9.32 per cent), iron & metal (9.30 per cent), and cotton textiles (6.55 per cent) — collectively account for 46 per cent of the full weight.
The area work for assortment of present wage knowledge was performed from January to June. The new collection presents wage charge indices, common each day absolute wage charges and actual wages at 2001 costs by occupation, trade and all-India stage from July 2O16 to July 2020. The general common each day absolute wage charge for all of the 37 industries mixed collectively stood at Rs 585.5 within the second half of 2020 as in comparison with Rs 576.1 within the first half of the yr. —FE