The Ministry of Labour on November 24, 2021 released a new series of Wage Rate Index (WRI) with base year 2016, being compiled and maintained by the Labour Bureau, an attached office of the ministry.
- The new series of WRI with base 2016=100 will replace the old series with base 1963-65.
- The government periodically revises the base year for major economic indicators to reflect the changes in the economy and to capture the wage pattern of workers.
- The new WRI series would be compiled twice a year on point-to-point half-yearly basis, as on January 1 and July1 of every year. of every year. The weighting diagram in the new WRI series has been prepared from the results of the Occupational Wage Survey (seventh) round.
- Total 37 industries have been covered in the new WR 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, 4industries from the mining sector and 3 industries from the plantation sector.
GS TIMES IAS PRELIMS 2022 CURRENT AFFAIRS BASICS DAILY ONLINE TEST SERIES: HINDI AND ENGLISH
CLICK HERE DAILY CURRENT AFFAIRS QUIZ FOR STATE CIVIL SERVICES
