Government Releases New Series of Wage Rate Index

Government Releases New Series of Wage Rate Index

Daily Current Affairs / Government Releases New Series of Wage Rate Index

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Category : Business and economics Published on: November 26 2021

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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.

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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.

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