New Wage Rate Index released with revised base year 2016
The Ministry of Labour & Employment has released a new series of Wage Rate Index (WRI) with base year 2016. The new series of WRI with base 2016=100 will replace the old series with base 1963-65. It would be compiled twice a year on point-to-point half-yearly basis, as on 1 January and 1 July of every year. In the new series of WRI, the scope and coverage in terms of number of industries, sample size, occupations under selected industries, weightage of industries has been enhanced. Of the 37 industries covered in the new series, 30 industries are from the manufacturing sector, four industries belong to the mining sector and three industries are from the plantation sector. In addition, the current wage data has been collected from 2,881 units under 37 selected industries as against 1,256 units under 21 industries in the old series. Manufacturing, mining and plantation sectors have weights (estimated total wage bill) of 82.6 per cent, 11.2 per cent and 6.2 per cent, respectively, in the new series. In the old series, these sectors had weights (estimated employment) of 48.8 per cent, 17 per cent and 34.2 per cent,respectively.