WAGE RATE INDEX (WRI)
Part of: GS- Prelims and Main GS-III: Economy
Context: As per the recommendations of International Labour Organization (ILO), National Statistical Commission (NSC), Government has recently released the new series of Wage Rate Index (WRI) with base year 2016=100, being compiled and maintained by Labour Bureau, an attached office of Ministry of Labour & Employment.
- New series that replaces the old series (1963-65=100) which is almost six decades old, has increased the scope and coverage in terms of number of industries, sample size, occupations under selected industries, weightage of industries etc.
- 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 selected 37 industries in the new series are categorized as 30 industries from Manufacturing sector, 4 industries from Mining Sector and 3 industries from Plantation Sector as compared to 14 industries from Manufacturing sector, 4 industries from Mining Sector and 3 industries from Plantation Sector in the old series.
- In the new WRI basket, the current wage data has been collected from 2881 units under 37 selected industries as against to 1256 units under 21 industries in the old series of WRI.
- About 700 occupations have been covered under 37 selected industries in new series of WRI (2016=100).
- Sixteen new Manufacturing Industries have been added in the new series of WRI basket, viz. Synthetic Textiles, Textile Garments, Printing and Publishing, Footwear, Petroleum, Chemical & Gases, fertilizers, Drugs & Medicines, Iron & Steel, Electrical Apparatus, Motor Vehicles, Motor Cycles, Tea Processing, Tyres & Tubes, Milk Products and Plastic Articles.
- The new series will play a very critical role in coming out with the Minimum Wages & National Floor Wages along with other parameters which will be decided in due course of time by the Expert Group.
- This will serve as a useful reference book for researchers, academicians, scholars and all other stakeholders of WRI.