Govt changes base year for Wage Rate Index (WRI) from 1963-65 to 2016
- Ministry of Labour & Employment has changed the base year for Wage Rate Index (WRI) from 1963-65=100 to 2016=100.
- The government had formed an Expert Group on Minimum Wages & National Floor Wages headed by Prof. S.P.Mukherjee. Based on the recommendation of this committee, the base year has been changed.
- Further, new series of Wage Rate Index (WRI) from July 2016 to July 2020 based on the new series 2016=100 has been released by the government. This is compiled and maintained by Labour Bureau, an attached office of Ministry of Labour & Employment.
- A total of 37 industries have been covered in the new WRI basket (2016=100) as against 21 industries in the 1963-65=100 series.
- The New WRI Series with base 2016=100 would be compiled twice a year on a point-to-point half-yearly basis, as on 1st January and 1st July of every year.
Points to remember:
- Base year for Wage Rate Index?= 2016
- Head of the Expert Group on Minimum Wages & National Floor Wages?- Prof. S.P.Mukherjee
- How many industries in the new WRI basket (2016=100)?= 37
Source: PIB