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Periodic Labour Force Survey (PLFS) UPSC NOTE

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  Real Wage Growth: National Sample Survey Office (NSSO) published Periodic Labour Force Survey (PLFS) Real wages grew at a slow pace of 0.7...

 Real Wage Growth:

National Sample Survey Office (NSSO) published Periodic Labour Force Survey (PLFS)

  • Real wages grew at a slow pace of 0.7% in Q1 of 2024-25.

  • This marked an improvement over the previous 24 quarters, which saw an average contraction of 1.6%.

  • Growth is expected to accelerate in the remaining quarters of 2024.

  • Accelerated growth could boost personal consumption.

Uneven Growth:

  • Regular and salaried workers Saw a mere 0.4% increase in real wages.

  • Rural workers Experienced a 0.9% decline in wages.

  • Self-employed workers Saw a 0.7% decline in wages.

  • Casual labourers Saw a 2.4% increase in real wages, the fastest in seven quarters.

Deterioration in Job Quality:

  • The proportion of self-employed workers increased to the highest level of 57.7%.

  • The proportion of casual labourers declined to the lowest level of 19%.

  • The share of regular wage or salaried workers remained largely stagnant.

Urban-Rural Wage Differential:

  • The urban-rural wage differential reduced to a four-quarter low in Q1.

  • The differential is expected to reduce further in the remaining quarters of 2024.

Impact on Personal Consumption

  • An improvement in real wages could provide impetus to personal consumption demand.

  • Urban consumption is weakening, despite a healthy monsoon and robust farm output.

  • Personal consumption is a critical engine for growth and private investments.

  • Private final consumption expenditure grew at a weak 4% in 2023-24.

Government's Perspective:

  • The government believes that the decline in urban unemployment and improvements in rural incomes have contributed to consumption growth.

  • The government acknowledges some signs of weakness, such as the decline in automobile sales.

  • The government is monitoring the growth of fast-moving consumer goods sales in urban areas.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Periodic Labour Force Survey (PLFS) UPSC NOTE
Periodic Labour Force Survey (PLFS) UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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