In news– The expert group of the Ministry of Labour & Employment has released the new series of Wage Rate Index (WRI) with base year 2016=100 that will replace the old series with base 1963-65=100.
About Wage Rate Index (WRI)-
- WRI is compiled and maintained by the Labour Bureau, an attached office of the Ministry of Labour & Employment(MoL&E).
- It has been revised as per the recommendations of International Labour Organization (ILO), National Statistical Commission (NSC) etc.
- The new series has increased the scope and coverage in terms of number of industries, sample size, occupations under selected industries, weightage of industries etc.
- The New WRI Series would be compiled twice a year on point-to-point half yearly basis, as on 1st January and 1st July of every year.
- About 700 occupations have been covered under 37 selected industries in the new series.
- The All India WRI number for all the 37 industries stood at 119.7 in 2020 (half yearly 2) which shows an increment of 1.6 per cent over the index in 2020 (half yearly 1).
- At sector level, the highest WRI in 2020 (half yearly 2) was reported in Plantation Sector (126.5) followed by Manufacturing Sector (119.6) and Mining Sector (116.7).
- Among 37 Industries covered, the highest WRI was recorded in Drugs & Medicines (131.4), followed by Sugar (129.8), Motor Cycles (128.1), Jute Textiles (127.9) and Tea Plantation (127.7).
- On the other hand, the lowest WRI was recorded in Rubber Plantation (106.7), followed by Paper (110.7), Castings & Forgings (111.3), Woollen Textiles (111.9) and Synthetic Textiles (112.0).
- Average Daily Absolute Wage Rates stood at Rs. 588.5 in 2020 (half yearly 2) as compared to Rs. 576.1 in 2020(half yearly 1), registering a growth rate of 1.6 per cent.
- Among three sectors covered during 2020 (half yearly 2), the highest Average Daily Absolute Wage Rate was recorded in the Mining Sector (Rs. 1604.3), followed by Manufacturing Sector (Rs. 475.0) and lowest (Rs. 212.3) in the Plantation Sector.
- The weight of the Manufacturing sector has increased substantially over time whereas the weight of the Plantation sector and Mining sector has declined.
- Oil Mining Industry has been newly introduced in the basket in place of Mica Mines Industry, to make the mining sector more representative of the three different kinds of Mining viz. Coal, Metal and Oil.