• Business NewsBeta
  • Shows
    • Daily Show2+2=5Take it EasyRed AlertFormula GuruMoney GyanMoney CentralMoney timeJhatpat
    • Weekly ShowMoney ComicsEconomicomRealty CheckSmile and payMoney TalesSpend WiseCompanynama
  • Insurance
  • Savings
  • Loan
  • Stocks
  • Mutual Funds
  • Real Estate
  • Crypto
  • Tax
    • हिन्दी
    • తెలుగు
    • मराठी
    • বাংলা
    • ગુજરાતી
    • ಕನ್ನಡ
  • Close
Subscribe Follow

Share

  • Facebook
  • Twitter
  • Whatsapp
  • LinkedIn
  • Telegram
  • Daily Show
    • 2+2=5
    • Take it Easy
    • Red Alert
    • Formula Guru
    • Money Gyan
    • Money Central
    • Money time
    • Jhatpat
  • Weekly Show
    • Money Comics
    • Economicom
    • Realty Check
    • Smile and pay
    • Money Tales
    • Spend Wise
    • Companynama
  • Insurance
  • Savings
  • Loan
  • Crypto
  • Stocks
  • Mutual Funds
  • Real Estate
  • Tax
  • Trending
  • Home » News » Economy » Ministry of labour launches new Wage Rate Index

Ministry of labour launches new Wage Rate Index

In the new WRI series, the weighing diagram has been prepared from the results of the Occupational Wage Survey (seventh) round

  • Money9
  • Publish Date - November 25, 2021 / 05:26 PM IST
Ministry of labour launches new Wage Rate Index
The selected 37 industries in the new series are categorized as 30 industries from the manufacturing sector, four from the mining sector and three industries from the plantation sector. 

A new series of Wage Rate Index (WRI) is being compiled and maintained by the Labour Bureau, with 2016 as a base year has been released by the Ministry of Labour, according to media reports.

The new series of WRI with 2016 as base will replace the old series which had 1963-65 as base, a statement from the labour ministry said.

Periodically, the government revises the base year for major economic indicators to reflect the changes in the economy and to capture the wage pattern of workers, it said.

Thus, to enhance the coverage and to make index more representative, the National Statistical Commission etc, has revised the base year from 1963-65 to 2016 by the Labour Bureau to enhance the coverage and make the index more representative.

The new series of WRI has increased the scope and coverage in terms of number of industries, sample size, occupations under selected industries, weightage of industries etc.

This base revision of WRI will play a critical role in coming out with minimum wages and national floor wages along with other parameters which will be decided by the expert group in due course of time, said Professor S P Mukherjee and other members of the expert group on Minimum Wages & National Floor Wages.

37 industries in new WRI series

As of January 1 and July 1 of every year, the new WRI series would be compiled twice a year on point-to-point half-yearly basis.

In the new WRI series, the weighing diagram has been prepared from the results of the Occupational Wage Survey (seventh) round.

Totally 37 industries have been covered in the new WRI basket as against 21 industries in the 1963-65 series.

The selected 37 industries in the new series are categorized as 30 industries from the manufacturing sector, four from the mining sector and three industries from the plantation sector.

The previous series had 14 industries from the manufacturing sector, four from the mining sector and three from the plantation sector.

The current wage data has been collected from 2,881 units under 37 selected industries in the new WRI basket as against 1,256 units under 21 industries in the old series.

 

Download Money9 App for the latest updates on Personal Finance.

follow us

  • Facebook
  • Twitter
  • LinkedIn
  • Telegram
  • Youtube
  • Instagram

also read

  • Centre earned more than Rs 8 lakh cr in fuel taxes in last 3 fiscals: Sitharaman

    Centre earned more than Rs 8 lakh cr in fuel taxes in last 3 fiscals: Sitharaman

  • ADB scales down India’s GDP growth projections to 9.7% in FY 22

    ADB scales down India’s GDP growth projections to 9.7% in FY 22

Read more news on

  • Labour
  • Ministry of labour
  • wages
  • WRI

Latest Video

SEE MORE
FMCG companies are reducing weight of small size packs due to inflation

FMCG companies are reducing weight of small size packs due to inflation

Updated: May 13, 2022
Wheat floor price increase forcing FMCG companies to cut small pack biscuits' weight

Wheat floor price increase forcing FMCG companies to cut small pack biscuits’ weight

Updated: May 12, 2022
Why FIIs are angry with Stock Markets?

Why FIIs are angry with Stock Markets?

Updated: May 11, 2022
UPI has changed the world of payment completely. Is this the end of debit cards?

UPI has changed the world of payment completely. Is this the end of debit cards?

Updated: May 10, 2022
Can rural India provide the required support to the economy?

Can rural India provide the required support to the economy?

Updated: May 9, 2022
What is the story behind the great gold sales on Akshaya Tritiya?

What is the story behind the great gold sales on Akshaya Tritiya?

Updated: May 9, 2022
What is the story behind the great gold sales on Akshaya Tritiya?

What is the story behind the great gold sales on Akshaya Tritiya?

Updated: May 5, 2022
Why will silver shine in the falling stock market?

Why will silver shine in the falling stock market?

Updated: May 4, 2022

Related

  • ‘Job situation in manufacturing was terrible even before pandemic’

    ‘Job situation in manufacturing was terrible even before pandemic’

  • Employment in 9 sectors at 3.08 crore in April-June: Labour survey

    Employment in 9 sectors at 3.08 crore in April-June: Labour survey

  • Rising prices: Fixing supply side will bring relief

    Rising prices: Fixing supply side will bring relief

  • BSNL directed to pay wages to contract workers by 15th of every month

    BSNL directed to pay wages to contract workers by 15th of every month

  • Covid delays reduction in your take-home salary

    Covid delays reduction in your take-home salary

  • New labour law: The choice to reduce work days in same work hours!

    New labour law: The choice to reduce work days in same work hours!

Videos

  • FMCG companies are reducing weight of small size packs due to inflation
    Exclusive

    Companies have reduced the weight of small size packs

  • Know how shortage of gig workers is affecting services of Swiggy, Zomato
    Exclusive

    Know how shortage of gig workers is affecting services of Swiggy, Zomato

  • Will you get a sharp return in Bajaj Finance? Know what is EMI store Bajaj Mall
    Stocks

    Will you get a sharp return in Bajaj Finance? Know what is EMI store Bajaj Mall

  • Tata Nexon EV MAX launched at Rs 17.74 lakh starting price
    Exclusive

    Tata Nexon EV MAX launched at Rs 17.74 lakh starting price

  • SBI and Bajaj Finance have hiked interest rates on fixed deposits
    Savings

    SBI and Bajaj Finance have hiked interest rates on fixed deposits

  • TV9 Sites

  • TV9 Hindi
  • TV9Telugu.com
  • TV9 Marathi
  • TV9 Gujarati
  • TV9 Kannada
  • TV9 Bangla
  • News9 Live
  • Know this india
  • Money9 Sites

  • Money9 Hindi
  • Money9 English
  • Money9 Marathi
  • Money9 Telugu
  • Money9 Gujarati
  • Money9 Kannada
  • Money9 Bangla
  • Topics

  • Insurance
  • Savings
  • Loan
  • Stocks
  • Mutual Funds
  • Real Estate
  • Tax
  • Crypto
  • Exclusive
  • Daily Shows

  • 2+2=5
  • Take it Easy
  • Red Alert
  • Formula Guru
  • Money Gyan
  • Money Central
  • Jhatpat
  • Money time
  • Weekly Shows

  • Money Comics
  • Economicom
  • Realty Check
  • Smile and pay
  • Money Tales
  • Companynama
  • Spend Wise
  • Follow us

  • FaceBook
  • Twitter
  • Youtube
  • Instagram
  • Linkedin
  • Download App

  • Andorid
  • ios
  • Contact Us
  • About Us
  • Advertise With Us
  • Privacy & Cookies Notice
  • Complaint Redressal
  • Copyright © 2022 Money9. All rights reserved.