Bangladesh sees slight rise in national wage

The WRI for March reached 118, marking a modest increase of 0.60 per cent from February’s 117.30. Notably, this figure reflects a more substantial growth of 7.80 per cent compared to March of the previous year.

Despite this nominal increase, the reality is tempered by the backdrop of inflation, which soared to 9.81 per cent in March, highlighting a significant erosion in real wages. The WRI serves as a vital tool for tracking the movement of nominal wages for both skilled and unskilled labour across various sectors.

Additionally, it aids in gauging changes in real wages over time.

The BBS data underscored sector-specific trends in wage growth.

In March of this year, nominal wages in the agriculture sector surged by 8.19 per cent compared to the same period last year. Meanwhile, the industrial sector recorded a 7.32 per cent annual growth in WRI, and the services sector witnessed an even higher jump of 8.40 per cent.

The WRI encompasses data from the three primary sectors of the economy—agriculture, industry, and services—spanning 63 different occupations. Among these, 17 occupations are from the agriculture sector, 30 from industry, and 16 from services. These occupational wage data are meticulously collected from 64 district statistical offices, categorised by gender and whether food is provided or not. The resulting measurement is a geometric wage average based on male and female occupations.

Explaining the methodology, the BBS clarified that the Wage Rate Index is derived from the weighted average of eight divisional wage rate indices. The monthly average wage rates for both male and female workers across the 63 occupations reflect the total daily wages distributed accordingly.

Fibre2Fashion News Desk (DR)