New Delhi : Prof. S.P.Mukherjee, Chairman of Expert Group on Minimum Wages & National Floor Wages, Dr G.C.Manna, Chairman of Technical Advisory Committee of Wage Rate Index, Shri DPS Negi, Principal Advisor, Ministry of Labour & Employment, Ms. Sibani Swain, Additional Secretary, Ministry of Labour & Employment, Ms. Vibha Bhalla, Joint Secretary, Ministry of Labour & Employment and Shri I.S. Negi, DGLB & other members of Expert Group released the new series of Wage Rate Index (WRI) with base year 2016=100, being compiled and maintained by Labour Bureau, an attached office of Ministry of Labour & Employment. The new series of WRI with base 2016=100 will replace the old series with base 1963-65=100.
DPS Negi, Principal Advisor, Ministry of Labour & Employment lauded the efforts of Labour Bureau for their steadfastness and exemplary role which have finally culminated in the release of updated series of WRI. While admiring the efforts, he also stressed upon the need for data on all aspects of labour as it will be crucial to serve as inputs in policy making and this justifies the existence of an organization like Labour Bureau. With the ever increasing importance of data in the times to come coupled with the fact that India is a labour abundant nation, a dedicated organization for labour and price statistics like the Labour Bureau merits strengthening.
The Report on “New Series of Wage Rate Index (Base 2016=100)” is an important publication meant to give insights into the concepts, definitions and methodology related to the new series of WRI with 2016 as base year. This will serve as a useful reference book for researchers, academicians, scholars and all other stakeholders of WRI.
The Government of India periodically revises the base year for major economic indicators to reflect the changes in the economy and to capture the wage pattern of workers.
Thus, as per the recommendations of International Labour Organization (ILO), National Statistical Commission (NSC) etc. the base year of Wage Rate Index numbers has been revised from 1963-65=100 to 2016=100 by the Labour Bureau, Ministry of Labour & Employment to enhance the coverage and to make index more representative.
The new series of Wage Rate Index i.e. 2016=100 replaces the old series (1963-65=100) which is almost six decades old, has increased the scope and coverage in terms of number of industries, sample size, occupations under selected industries, weightage of industries etc. Technical Advisory Committee (TAC) on WRI constituted by MoL&E under the chairmanship of Dr. G.C. Manna, former DG, CSO, provided all technical inputs for construction of New WRI Series.
Prof. S.P.Mukherjee and other Members of the Expert Group on Minimum Wages & National Floor Wages were of the opinion that this base revision of the Wage Rate Index 2016=100 will play a very critical role in coming out with the Minimum Wages & National Floor Wages along with other parameters which will be decided in due course of time by the Expert Group.