New Wage Rate Index Series released; Base Year revised to 2016 From 1963-65

Ministry of labour on Wednesday released a new series of Wage Rate Index (WRI) with base year 2016, being compiled and maintained by the Labour Bureau, an attached office of the ministry. The new series of WRI with base 2016=100 will replace the old series with base 1963-65, a labour ministry statement said.

The government periodically revises the base year for major economic indicators to reflect the changes in the economy and to capture the wage pattern of workers, it said. Base year revision will enhance the coverage and make index more representative.