Hike in Minimum Wages | 28 Sep 2024

Source: HT 

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