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With reference to the Variable Dearness Allowance (VDA), consider the following statements:
1. The VDA hiked for workers in central sphere on the basis of average Consumer Price Index for industrial workers (CPI-IW).
2. Consumer Price Index for industrial workers (CPI-IW) is a price index compiled by Department of Economic Affairs, Union Ministry of Finance.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
With reference to the Variable Dearness Allowance (VDA), consider the ...
Central government has notified and revised the rate of Variable Dearness Allowance (VDA) with a view to provide relief to different category of workers engaged in various scheduled employments in the central sphere.
- Labour and Employment Minister Santosh Gangwar said that this will benefit about one 1.5 crore workers. The hike will be effective from 1st of April of the last month.
- The VDA is revised on the basis of average Consumer Price Index for industrial workers (CPI-IW) a price index compiled by Labour Bureau.
- Ministry of Labour and Employment said that the rates fixed for scheduled employment in Central sphere are applicable to the establishments under the authority of Central Government, Railway Administration, Mines, Oil fields, major ports or any corporation established by the Central Government.
- These rates are equally applicable to contract and casual employees and workers.
Hence only statement 1 is correct.
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With reference to the Variable Dearness Allowance (VDA), consider the ...
Statement 1: The VDA hiked for workers in central sphere on the basis of average Consumer Price Index for industrial workers (CPI-IW).
Statement 2: Consumer Price Index for industrial workers (CPI-IW) is a price index compiled by Department of Economic Affairs, Union Ministry of Finance.
The correct answer is option 'A', i.e., only statement 1 is correct.
Explanation:
Variable Dearness Allowance (VDA) is an allowance given to workers in order to compensate for the increase in the cost of living due to inflation. It is an essential component of the wages of workers in certain sectors.
Statement 1: The VDA hiked for workers in the central sphere on the basis of the average Consumer Price Index for Industrial Workers (CPI-IW).
The Consumer Price Index for Industrial Workers (CPI-IW) is a measure of changes in the retail prices of a basket of goods and services consumed by industrial workers in urban areas. It is compiled and published by the Labour Bureau, Ministry of Labour and Employment, Government of India. The CPI-IW is used as a benchmark for calculating the VDA for workers in the central sphere, which includes industries such as railways, coal mines, oil fields, etc. The VDA is revised twice a year, based on the average CPI-IW for the previous six months.
Statement 2: Consumer Price Index for Industrial Workers (CPI-IW) is a price index compiled by the Department of Economic Affairs, Union Ministry of Finance.
This statement is incorrect. The CPI-IW is compiled and published by the Labour Bureau, Ministry of Labour and Employment, Government of India, and not by the Department of Economic Affairs, Union Ministry of Finance.
In conclusion, statement 1 is correct as the VDA is indeed hiked for workers in the central sphere on the basis of the average CPI-IW. However, statement 2 is incorrect as the CPI-IW is not compiled by the Department of Economic Affairs, Union Ministry of Finance.
Statement 2: Consumer Price Index for industrial workers (CPI-IW) is a price index compiled by Department of Economic Affairs, Union Ministry of Finance.
The correct answer is option 'A', i.e., only statement 1 is correct.
Explanation:
Variable Dearness Allowance (VDA) is an allowance given to workers in order to compensate for the increase in the cost of living due to inflation. It is an essential component of the wages of workers in certain sectors.
Statement 1: The VDA hiked for workers in the central sphere on the basis of the average Consumer Price Index for Industrial Workers (CPI-IW).
The Consumer Price Index for Industrial Workers (CPI-IW) is a measure of changes in the retail prices of a basket of goods and services consumed by industrial workers in urban areas. It is compiled and published by the Labour Bureau, Ministry of Labour and Employment, Government of India. The CPI-IW is used as a benchmark for calculating the VDA for workers in the central sphere, which includes industries such as railways, coal mines, oil fields, etc. The VDA is revised twice a year, based on the average CPI-IW for the previous six months.
Statement 2: Consumer Price Index for Industrial Workers (CPI-IW) is a price index compiled by the Department of Economic Affairs, Union Ministry of Finance.
This statement is incorrect. The CPI-IW is compiled and published by the Labour Bureau, Ministry of Labour and Employment, Government of India, and not by the Department of Economic Affairs, Union Ministry of Finance.
In conclusion, statement 1 is correct as the VDA is indeed hiked for workers in the central sphere on the basis of the average CPI-IW. However, statement 2 is incorrect as the CPI-IW is not compiled by the Department of Economic Affairs, Union Ministry of Finance.
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With reference to the Variable Dearness Allowance (VDA), consider the following statements:1. The VDA hiked for workers in central sphere on the basis of average Consumer Price Index for industrial workers (CPI-IW).2. Consumer Price Index for industrial workers (CPI-IW) is a price index compiled by Department of Economic Affairs, Union Ministry of Finance.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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With reference to the Variable Dearness Allowance (VDA), consider the following statements:1. The VDA hiked for workers in central sphere on the basis of average Consumer Price Index for industrial workers (CPI-IW).2. Consumer Price Index for industrial workers (CPI-IW) is a price index compiled by Department of Economic Affairs, Union Ministry of Finance.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Variable Dearness Allowance (VDA), consider the following statements:1. The VDA hiked for workers in central sphere on the basis of average Consumer Price Index for industrial workers (CPI-IW).2. Consumer Price Index for industrial workers (CPI-IW) is a price index compiled by Department of Economic Affairs, Union Ministry of Finance.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Variable Dearness Allowance (VDA), consider the following statements:1. The VDA hiked for workers in central sphere on the basis of average Consumer Price Index for industrial workers (CPI-IW).2. Consumer Price Index for industrial workers (CPI-IW) is a price index compiled by Department of Economic Affairs, Union Ministry of Finance.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?.
With reference to the Variable Dearness Allowance (VDA), consider the following statements:1. The VDA hiked for workers in central sphere on the basis of average Consumer Price Index for industrial workers (CPI-IW).2. Consumer Price Index for industrial workers (CPI-IW) is a price index compiled by Department of Economic Affairs, Union Ministry of Finance.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Variable Dearness Allowance (VDA), consider the following statements:1. The VDA hiked for workers in central sphere on the basis of average Consumer Price Index for industrial workers (CPI-IW).2. Consumer Price Index for industrial workers (CPI-IW) is a price index compiled by Department of Economic Affairs, Union Ministry of Finance.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Variable Dearness Allowance (VDA), consider the following statements:1. The VDA hiked for workers in central sphere on the basis of average Consumer Price Index for industrial workers (CPI-IW).2. Consumer Price Index for industrial workers (CPI-IW) is a price index compiled by Department of Economic Affairs, Union Ministry of Finance.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?.
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