Labour ministry has actually released new series of wage rate indexLabour ministry has released the new series of wage rate index (WRI) with the base year being 2016.
Federal government regularly revises the base year of WRI for crucial financial signs in order to offer a clear image of economic changes and record the wage pattern of workers.The brand-new series of WRI with base 2016=100 will change the old series with base 1963-65, a labour ministry declaration said.According to the recommendations of the International Labour Organization and National Statistical Commission, the base year of WRI numbers has actually been revised from 1963-65 to 2016 by the Labour Bureau to enhance the coverage and to make index more representative.Official sources said that the brand-new WRI series has actually expanded the scope and coverage in terms of number of markets, sample size, professions under selected industries along with weightage of markets among other indicators.The new WRI series would be assembled twice a year on point-to-point half-yearly basis, as on January 1 and July 1 of every year, main sources stated, adding that a total of 37 industries have actually been covered in the brand-new WRI basket as versus 21 industries in the 1963-65 series.The picked 37 markets in the brand-new series are 30 from the manufacturing sector, four from the mining sector and 3 from the plantation sector.