Government Releases New Series of Wage Rate Index

• Labor Ministry has announced a new series of Wage Rate Index (WRI) with the base year 2016.
• The government updates the WRI base year for major economic indicators on a regular basis in order to present a clear picture of economic changes and track workers' wage patterns.
• The new WRI series, with a base of 2016=100, will replace the old series, which had a base of 1963-65. 
• The new WRI series will be compiled twice a year, on a point-to-point half-yearly basis, on January 1 and July 1 each year.

Important Takeaways

About WRI

• WRI: Wage Rate Index
• The wage rate is the rate at which a worker is compensated. It's one of the most important aspects of human resource management. It is determined by two factors: work productivity and production hours. Wage rate economics is the name for this type of research.