Fri Sep 27 16:25:24 UTC 2024: ## Minimum Wage Increased in India, Effective October 1st

**New Delhi, [Date]** – The Indian government has announced a significant increase in minimum wage rates for workers, effective from October 1st, 2024. The new minimum wage will be Rs 1,035 per day, a move aimed at helping workers cope with the rising cost of living.

This latest increase follows the last hike in April 2024. Minimum wage rates vary based on skill level (unskilled, semi-skilled, skilled, highly skilled) and geographical area (classified as A, B, and C). This new policy will particularly benefit workers in the unorganized sector, including those employed in construction, loading and unloading, cleaning, mining, and agriculture.

The Central Government adjusts the Variable Dearness Allowance (VDA) twice a year, on April 1st and October 1st, based on the average increase in the Consumer Price Index for industrial workers over the preceding six months.

For detailed information about minimum wage rates by sector and area, please visit the Chief Labour Commissioner’s website at clc.gov.in.

**IndusInd Bank Aims for Wealth Management Growth**

In other news, IndusInd Bank has announced its ambitious goal to triple its wealth management assets under management (AuM) to $30 billion within the next three years. This expansion will focus on mutual funds, alternative investment funds, and portfolio management services. To support this growth, the bank plans to hire 100 new relationship managers and increase the share of mutual funds and investment products in its AuM.

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