Q. Consider the following statements about Wage Rate Index:
1. It is released by the Labour Bureau.
2. The base year has been changed from 1963-65 to 2012.
Which of the statements given above is/are correct?
Answer: A
Notes:
About the Wage Rate Index:
- It is a vital economic indicator that measures changes in the wage level in selected industries. It is released by the Labour Bureau, an attached office of the Ministry of Labour & Employment.
- These changes are based on the recommendations of the International Labour Organization and the National Statistical Commission.
Changes made to the wage rate index
Base year: The base year has been changed from 1963-65 to 2016.
Half Year Basis: The new WRI will now be compiled on a half-year basis (on the first of January and July every year) as against the annual in the existing series.
Basket of Goods: The previous series covered 21 industries. But the new one covers 37 including 30 from the manufacturing sector and the rest from the mining and plantation sectors.
The motor vehicles, coal mines, textile garments, iron & steel, and cotton textiles industries together account for 46% of the total weight.
Source: Important Indexes
