New Series of Wage Rate Index Released
On 24th November, 2021, the Labour ministry released the new series of wage rate index (WRI) with the base year being 2016.
- The new series of WRI with base 2016=100 will replace the old series with base 1963-65.
- Government periodically revises the base year of WRI for key economic indicators in order to provide a clear picture of economic changes and record 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 July 1 of every year.
Need for Revision
- It was done after the recommendations of International Labour ....
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