Center releases new series of pay rate index

Center releases new series of pay rate index

NS labor Ministry New series released Wage Rate Index (WRI) being the base year 2016. The government revises the base year of WRI for Key Economic Indicators from time to time to provide a clear picture of economic changes and to record the wage patterns of workers. WRI’s new range with Aadhaar 2016=100 will replace the old chain with the base 1963-65.

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In accordance with the recommendations of the International Labor Organization and the National Statistical Commission, the base years of WRI numbers have been revised from 1963-65 to 2016 by the Bureau of Labor in order to increase coverage and make the index more representative. The new WRI series has expanded the scope and coverage in terms of number of industries, sample size, occupations under selected industries as well as weighting of industries among other indicators.

Important facts:

  • A total of 37 industries have been included in the new WRI basket (2016=100), while 21 industries have been included 1963-65=100 series.
  • The new WRI series with base 2016=100 will be compiled twice a year on a point-by-point half-yearly basis on January 1 and July 1 every year.

Important facts for all competitive exams:

  • International Labour Organization Director General: Guy Ryder;
  • International Labor Organization Headquarters: Geneva, Switzerland;
  • Establishment of International Labor Organization: 1919.

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Center released new series of Wage Rate Index_60.1

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