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Economy better placed to pursue non-inflationary growth: CEA V Anantha Nageswaran.

Date: 09-05-2024
Subject: Economy better placed to pursue non-inflationary growth: CEA V Anantha Nageswaran
A high-level expert panel on floor wages will re-examine the wage rates finalised earlier, taking into account the minimum wages notified by all states across three categories.

The floor wage and minimum wage rates proposed earlier did not have minimum wage rates of some states due to unavailability of data.

The SP Mukherjee-led expert committee will hold its final meeting on May 27 and submit its report to the new government by end of June, people familiar with the development told ET. The three-year term of the expert committee, set up in 2021, will end on June 30, 2024. The report, which was finalised in January and was due to be submitted in February, is going through another round of scrutiny in the light of new data furnished by the central government and may result in a few modifications in t ..

According to one of the persons aware of the deliberations, wage rates are being recalculated. "The committee is now comparing the proposed wages vis-a-vis existing wages notified across different states after the Centre provided access to requisite data and support for computation," the source said.

Besides, the report is expected to lay out a roadmap for periodic review of the floor wage based on the updated data sets and change in methodology over a fixed time period while also highlighting the limitations faced by the committee due to non-availability of updated data on the household consumption expenditure survey.

The committee has used the 2011-12 survey to compute the floor wage after factoring in the rate of inflation on cost of living all these years and taking into account the change in expenditure pattern by households.

There are nearly 500 million workers in the country and 90% of them are in the unorganised sector, with no security of a minimum wage.

Source Name : Economic Times

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