Centre increases minimum wage rates for workers
Workers engaged in various sectors, including building construction, loading and unloading, watch and ward, sweeping, cleaning, housekeeping, mining, and agriculture within central sphere establishments, will benefit from the revised wage rates.
In a significant move to support workers, particularly those in the unorganised sector, the central government has announced an increase in minimum wage rates by revising the Variable Dearness Allowance (VDA).
This adjustment is aimed at helping workers cope with the rising cost of living, the Ministry of Labour and Employment said in a release on Thursday.
Workers engaged in various sectors, including building construction, loading and unloading, watch and ward, sweeping, cleaning, housekeeping, mining, and agriculture within central sphere establishments, will benefit from the revised wage rates.
The new wage rates will take effect on October 1, 2024. The last revision was done in April 2024. The minimum wage rates are categorised based on skill levels--unskilled, semi-skilled, skilled, and highly skilled--as well as by geographical area--A, B, and C.
After revision, minimum wage rates in area "A" for workers in construction, sweeping, cleaning, loading and unloading for unskilled work will be Rs 783 a day ( Rs 20,358 per month) for semi-skilled workers and Rs 868 a day (Rs 22,568 per month) for skilled, clerical and watch and wards without arms, Rs 954 a day ( Rs 24,804 per month) and for highly skilled and watch and wards with arms, Rs 1,035 a day (Rs 26,910 per month).
The central government revises the VDA twice a year, effective from April 1 and October 1, based on the six-month average increase in the Consumer Price Index for industrial workers.
A detailed information regarding the minimum wage rates by sector, categories and area is available on the website (clc.gov.in) of the Chief Labour Commissioner (Central), Government of India.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 7 Mutual Funds With Highest Returns in 10 Years: No. 1 fund has converted Rs 10 lakh investment into Rs 92,52,530; know what others have done
Hindustan Aeronautics, Dr Reddys Labs and 3 more: Axis Direct recommends buying 5 stocks for 5-15 days | Check targets, stop losses
Power of Compounding: How much money do you need to invest in monthly SIP to make Rs 15 crore retirement corpus if started investing at 30? See calculations
EPFO Pension Rules: You can get 8% extra EPS pension by using this trick; see calculations with examples
10 stocks to buy for long term: Piramal Pharma, Pitti Engineering, Kalpataru Projects, 7 others; note down targets
Top 7 SBI Mutual Funds With Best SIP Returns in 15 Years: Rs 5,000 monthly SIP in No. 1 fund has grown to Rs 68,84,790
09:34 PM IST