New Delhi: The Labor Ministry on Wednesday released a new series of Wage Rate Index (WRI) with base year 2016 being compiled and maintained by Labor Bureau, an attached office of the Ministry.
A Labor Ministry statement said the new series of WRI with Aadhaar 2016=100 will replace the old series with Aadhaar 1963-65.
The government revises the base year for key economic indicators from time to time to reflect changes in the economy and to capture the wage patterns of workers.
The new range of WRI has expanded the scope and coverage in terms of number of industries, sample size, occupations under selected industries, weight of industries etc.
Professor SP Mukherjee and other members of the Expert Group on Minimum Wages and National Floor Wages were of the opinion that this base revision of WRI would play an important role in coming out with minimum wage and National Floor Wage among other parameters which would be decided. in due course of time by the expert group.
The new WRI series will be compiled twice a year on a point-to-point semi-annual basis on 1 January and 1 July every year.
The weighting diagram in the new WRI series is drawn from the results of the Professional Salary Survey (Seventh) round.
A total of 37 industries are included in the new WRI basket, compared to 21 industries in the 1963-65 series.
The 37 industries selected in the new series have been classified as 30 industries from manufacturing sector, 4 industries from mining sector and 3 industries from plantation sector.
In the earlier series there were 14 industries from manufacturing sector, 4 from mining sector and 3 from plantation sector.
In the new WRI basket, current wage data has been collected from 2,881 units under 37 selected industries, while 1,256 units under 21 industries have been collected in the old series.
In both series the weights used in the WRI series were the base year estimated employment figures in the respective occupations in each selected industry.
The weighted average of the occupation level indices in an industry gives the WRI at the industry level, with the weights being the base year estimated total employment bills in each occupation.
Similarly, the weighted average of the industry/sector level indices gives the regional/all-India index, being the base year estimated total employment bill in each industry/sector.
The sector level weights under the new series have changed as compared to the old series. Over time the load of manufacturing sector has increased significantly while under the new series the load of plantation sector and mining sector has declined as compared to the old one.
A total of 16 new manufacturing industries have been added to the new range of the WRI basket, including synthetic textiles, textile fabrics, printing and publishing, footwear, petroleum, chemicals and gas, fertilisers, medicines and pharmaceuticals.
In the new series, to make the mining sector more representative of three different types of mining namely coal, metals and oil, oil mining industry has been introduced in the basket in place of mica mining industry. Read also:
A total of 3 plantation industries viz., tea, coffee and rubber have been extended to the new WRI basket. Read also:
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//$( ".content-area" ).click(function(event) {
// console.log(event.target.nodeName);
//});
/*$( ".comment-button" ).live("click", disqusToggle);
function disqusToggle() {
var id = $(this).attr("id");
$("#disqus_thread1" + id).toggle();
};*/
//$(".main-rhs2413236").theiaStickySidebar();
var prev_content_height = $(content_selector).height();
//$(function() {
var layout = $(content_selector);
var st = 0;
///});
}
}
});
/*}
};*/
})(jQuery);
,