Dear All, Can anybody explain what is the difference for Industrial VDA and Minimum Wages VDA. Why base year for Industrial VDA and why not for Minimum Wages VDA. Can anybody explain. Regards HR

PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Nanu1953
Ceo-usd Hr Solutions

Basically there is no difference. Base year is basically for publishing index. Base year is changed from time to time based on price in the the market and change of consumption pattern. VDA is nothing but the neutralization of index in terms of money. It may be % wise or per point neutralization. There are other methods of neutralization of index in different organization where Union by bargaining settled the remuneration. Minimum wages also have a base year for publishing index and neutralize it by money value
S K Bandyopadhyay ( WB, Howrah)

www.usdhrs.in

From India, New Delhi
Sir,
but industrial vda will be calculated on cpi points and is this same equals to the minimum wages VDA notified by govt for every six months. cpi points will be declared every month and average of 3 months will be taken to calculated industrial vda. can you please elaborate and explain.
Regards
HR


VDA may be reviewed monthly basis, quarterly basis, 6 monthly basis or yearly basis. CPI is the Consumer price index published for every month. Now industrial VDA is calculating on the basis of qtrly average difference and neutralized by certain money value for increase or decrease whereas minimum wages VDA is calculated every 6 monthly average difference and neutralizing by certain money value also varies from State to State. I have personal knowledge about many organizations where VDA is revised 6 monthly or yearly with double linkage - Related to Basic slab as well as CPI index. There are organizations also who are reviewing VDA % basis - 10 points increase in CPI against any specific Base year , VDA increase will be 5% on existing (reviewed qtrly/6 monthly/yearly) and so on. Earlier I have noticed even monthly VDA review - Bombay Chamber of Commerce, Bengal Chamber of commerce etc.
S K Bandyopadhyay ( WB, Howrah)


From India, New Delhi

If you are knowledgeable about any fact, resource or experience related to this topic - please add your views.

Add Reply → Start New →






About Us Advertise Contact Us Testimonials
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2022 CiteHRŽ

All Material Copyright And Trademarks Posted Held By Respective Owners.
Panel Selection For Threads Are Automated - Members Notified Via CiteMailer Server