The government of India periodically revises the base year for major economic indicators to reflect the changes in the economy and to capture the wage pattern of workers.
Thus, as per the recommendations of International Labour Organization (ILO), National Statistical Commission (NSC) etc, the base year of Wage Rate Index numbers has been revised from 1963-65=100 to 2016=100 by the Labour Bureau, Ministry of Labour & Employment (MoL&E) to enhance the coverage and to make index more representative, the ministry said in a media release.
The new series of Wage Rate Index i.e. 2016=100 replaces the old series (1963-65=100) which is almost six decades old, and has increased the scope and coverage in terms of number of industries, sample size, occupations under selected industries, weightage of industries etc. Technical Advisory Committee (TAC) on WRI constituted by MoL&E under the chairmanship of Dr G C Manna, former DG, CSO, provided all technical inputs for construction of New WRI Series.
Prof S P Mukherjee and other members of the Expert Group on Minimum Wages & National Floor Wages believe that this base revision of the Wage Rate Index 2016=100 will play a very critical role in coming out with the Minimum Wages & National Floor Wages along with other parameters which will be decided in due course of time by the Expert Group.
The New WRI Series with base 2016=100 would be compiled twice a year on point-to-point half yearly basis, as on January 1 and July 1 of every year.
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