Expert Group unveils report on base revision of Wage Rate Index (WRI) to 2016=100 from base 1963-65=100.
The new series of Wage Rate Index (WRI) with base year 2016=100, is being compiled and maintained by Labour Bureau, an attached office of Ministry of Labour and Employment.
The new series of WRI with base 2016=100 will replace the old series with base 1963-65=100.
The New WRI Series with base 2016=100 would be compiled twice a year on point-to-point half yearly basis, as on 1st January and 1st July of every year.
Some of the major improvements made under the new series of WRI (2016=100) vis-à-vis old series (1963-65=100) are as under:
The weighting diagram in the new WRI series has been prepared from the results of the Occupational Wage Survey (Seventh) round.
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 selected 37 industries in the new series are categorized as 30 industries from Manufacturing sector, 4 industries from Mining Sector and 3 industries from Plantation Sector as compared to 14 industries from Manufacturing sector, 4 industries from Mining Sector and 3 industries from Plantation Sector in the old series.
In the new WRI basket, the current wage data has been collected from 2881 units under 37 selected industries as against to 1256 units under 21 industries in the old series of WRI.
About 700 occupations have been covered under 37 selected industries in new series of WRI (2016=100).