New wage rate index series released with change in base year
The new series of WRI with base year 2016 will replace the old series of base year 1963-65, the labor ministry said in a statement.
It said that the government revises the base year for key economic indicators from time to time to reflect the changes in the economy and to include the wage pattern of workers.
That is why as per the recommendations of International Labor Organization (ILO), National Statistical Commission etc., in order to widen the scope and make the index better, the Labor Bureau has changed the base year of Wage Rate Index from 1963-65 to 2016.
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