Good news! Salary of around 30 mn industrial workers set to rise

Good news! Salary of around 30 mn industrial workers set to rise

The Modi govt has given the industrial sector workers every reason to cheer ahead of Holi this year. Reports state that the central govt has come out with a plan according to which the industrial workers will get salary hike twice a year. As per the plan, the salary hike will be fixed according to the inflation index. 

The plan is aimed at reducing the burden of rising inflation on the workforce. Reportedly, 3 crore workers will be benefited of the move.

Actually, a govt-led committee has approved a new base year for the consumer price index (CPI) for such workforce.

The standing tripartite committee-led by Principal Labour and Employment Advisor BN Nanda, recently gave the green signal for the new series of CPI-IW, revising the base year to 2016. Since the DA is based on the CPI, it will undergo a drastic change after the approval, thereby increasing the salary.

The dearness allowance of central government and private sector employees is assessed every 6 months. The CPI-IW is resorted to carry out this work. The revision will also benefit the 4.8 million central government employees, who receive Dearness Allowance (DA). 

DA for central government and private sector employees is usually approved every five years. It was last changed in October 2019, with the government raising it to 17 percent from 12 percent.  On the other hand, the CPI-IW, which needs to be changed every 5 years, has not been changed since 2001. 

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