The Consumer Price Index for Industrial Workers (CPI-IW) for the month of December 2022 is an important economic indicator that reflects the changes in the prices of goods and services purchased by industrial workers. The index is calculated by the Ministry of Labour and Employment and is used as a measure of inflation in the Indian economy.
In December 2022, the CPI-IW is expected to increase from the previous month due to various factors such as rising food prices, fuel prices, and transportation costs. The increase in fuel prices is a major contributor to the rise in the CPI-IW as it affects the prices of essential commodities, such as food and transportation.
The Labour Bureau announced the All India Consumer Price Index Number for the month of December 2022 on January 31, 2023. It is down 0.2 points from the previous month, with the index currently standing at 132.3. This decline is mostly due to an increase in food and beverage costs, which accounts for 0.52 percentage points of the overall change. Cabbage, Cauliflower, Brinjal, Carrot, Onion, Potato, Tomato, Peas, Garlic, Chilies Green, Apple, Orange, Sunflower Oil, Vanaspati Oil, and Poultry/Chicken, among others, are to blame for the index drop.
The current rate of CPI-IW for the month of December 2022 is 132.3
How to Check DA on Your Salary?
The increase in the CPI-IW will have a significant impact on industrial workers as they are more vulnerable to price changes due to their limited purchasing power. The rising cost of living will put pressure on their income and lead to a decrease in their standard of living. This may result in wage negotiations and demands for wage increases.
The government is expected to take measures to mitigate the impact of the rising prices on industrial workers. These measures may include subsidies on essential commodities, monetary benefits for the workers, and price controls on essential goods.
How to calculate DA on Salary?
allowances or deductions, the inflation rate is the increase in the Consumer Price Index (CPI), and the number of months represents the duration for which the DA is being calculated.
DA = (12 Months Average – 261.42) / (261.42 x 100
For example, if an employee’s basic salary is Rs. 20,000 per month and the inflation rate is 7%, then the DA for the next three months would be calculated as follows:
DA = (20,000 * 7 * 3) / (12 * 100) = Rs. 420
So, the employee would receive an additional Rs. 420 as DA for the next three months, along with their basic salary.
It is important to note that the DA is subject to change every six months, based on the inflation rate. Employers are responsible for updating the DA rate and ensuring that the correct amount is added to the employees’ salaries.
In conclusion, the CPI-IW for December 2022 is expected to show an increase from the previous month. The rise in the index will have a significant impact on the standard of living of the industrial workers, and the government is expected to take measures to mitigate the impact.