The Labour ministry has released the new series of wage rate index (WRI) with the base year being 2016. The government periodically revises the base year of WRI for key economic indicators in order to provide a clear picture of economic changes and record the wage pattern of workers. The new series of WRI with base 2016=100 will replace the old series with base 1963-65.
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According to the recommendations of the International Labour Organization and National Statistical Commission, the base year of WRI numbers has been revised from 1963-65 to 2016 by the Labour Bureau to enhance the coverage and to make the index more representative. The new WRI series has expanded the scope and coverage in terms of the number of industries, sample size, occupations under selected industries as well as weightage of industries among other indicators.
Key facts:
- 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.
Important takeaways for all competitive exams:
- International Labour Organization Director-General: Guy Ryder;
- International Labour Organization Headquarters: Geneva, Switzerland;
- International Labour Organization Founded: 1919.
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