Question

Which of the following price index numbers are used for calculation of Central Government employees wage compensation:

  1. Wholesale price index
  2. Consumer price index for industrial workers
  3. Consumer price index for agricultural labourers
  4. None of these

Answer:

Option B: Consumer price index for industrial workers

Detailed Solution:

The correct answer is “Consumer price index for industrial workers”.

The Consumer Price Index for Industrial Workers (CPI-IW) is used for the calculation of Central Government employees' wage compensation.