The Government of Punjab issued a notification detailing the revised Minimum Wage Rates on July 18th 2024.This update is a significant step towards ensuring fair compensation for workers across various sectors.
The Key Points:
1. New Consumer Price Index (CPI) Series
The notification introduces a new series of the Consumer Price Index (CPI) for industrial workers, now based on a 2016 base year (previously 2001). This updated index is designed to better reflect current economic conditions and cost of living changes.
2. Average CPI Calculation and Minimum Wage
For the period spanning September 2023 to February 2024, the average CPI stands at 396.03. This figure is derived from the old CPI series and is used to determine the new wage rates. As a result, the minimum wage for unskilled workers will increase to Rs. 10,899.82 per month starting March 1, 2024. This adjustment ensures that wages are in line with inflation and rising living costs.
3. Detailed Wage Rates for Different Categories
The notification provides comprehensive details on the minimum wage rates across various categories:
- Unskilled Workers
- Semi-Skilled Workers
- Skilled Workers
- Highly Skilled Workers
Additionally, it specifies wage rates for staff categories A to D. These categories encompass employees working in government departments, local authorities, boards, corporations, or any agencies under government control. The rates are detailed on a monthly, daily, and hourly basis, ensuring clarity and fairness across different employment scenarios.
The Revised Minimum Wages Rates will come into effect from March 1st 2024.
