Rapid Fire
Hike in Minimum Wages
- 28 Sep 2024
- 1 min read
Recently, the Union government hiked central minimum wages for agricultural and industrial workers.
- The increase is made under the provisions of the Minimum Wages Act, 1948 which empowers both the central and state governments to fix, review, and revise the minimum wages.
- A minimum or floor wage represents the lowest remuneration that employers are legally required to pay their workers.
- The government revises minimum wage rates twice a year.
- These adjustments are linked to the Consumer Price Index for Industrial Workers (CPI-IW).
- CPI-IW measures the relative changes in retail prices of fixed basket of goods and services consumed by industrial workers over a period of time.
- The Labour Bureau, Ministry of Labour and Employment, releases CPI-IW.
Read More: Consumer Price Index for Industrial Workers
