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Revised wage rate index likely next month; base year to be 2019

The federal government will quickly revive the wage rate index and alter its base yr to 2019 from 1965. The revised index will seize the impression of inflation on wages and type the premise for figuring out the statutory nationwide flooring degree minimal wage, stated officers.

“Work is within the ultimate levels. The index with revised base yr may very well be launched subsequent month,” stated a senior labour ministry official, who didn’t want to be recognized. “The appreciation within the index until 2019 can be used to find out the minimum wages within the nation.”

The labour codes present for a statutory nationwide flooring degree minimal wage for all employees within the nation. A committee has been fashioned to find out the nationwide flooring degree minimal wage, primarily based on which minimal wages in several classes of states and talent units can be decided. As soon as applied, no state can be allowed to offer wages under the minimal wage.

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In 2014, common each day absolute wage fee within the nation stood at ₹272.19 whereas the all-India index variety of wage charges appreciated 6.35% in comparison with that in 2013.

The present minimal wages in India, decided on the premise of Shopper Value Index for Industrial Employees (CPI-IW), stands at ₹178 per day and isn’t binding on states.

Wage fee underneath the index is the sum of primary wage and dearness allowance in respect of employees who obtain each these elements whereas for different employees the precise consolidated quantity of earnings signify this wage fee.

“The federal government mustn’t solely revise the bottom yr but additionally broaden the protection of the index to incorporate extra institutions in order that it may be used as one of many important inputs for figuring out the nationwide flooring degree minimal wage,” stated labour professional KR Shyam Sundar.

https://economictimes.indiatimes.com/information/financial system/coverage/revised-wage-rate-index-likely-next-month-base-year-to-be-2019/articleshow/84326485.cms

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