Labour Minister Santosh Gangwar on Thursday released a new series of retail inflation for industrial workers (CPI-IW) with a revised base year of 2016 against 2001 earlier.
The Consumer Price Index-Industrial workers (CPI-IW) is the single most important price statistics with financial implications.
The CPI-IW is primarily used to regulate the dearness allowance of government employees and the workers in the industrial sectors. It is also used in the fixation and revision of minimum wages in scheduled employments besides measuring the inflation in retail prices.
In future, the base revision will be done every five years, Gangwar said in a statement.
“Santosh Kumar Gangwar, Minister of State (Independent Charge) for Labour & Employment, released the new series of Consumer Price Index for Industrial Worker (CPI-IW) with the base year 2016, being compiled and maintained by Labour Bureau, an attached office of Ministry of Labour & Employment,” the ministry said in the statement.
The new series of CPI(IW) with the base year 2016 will replace the existing 2001 series, it added.