Wage Index

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Wage Index

In the United States, a table one uses to calculate how much to pay a retired person in Social Security benefits. Factors affecting a wage index include the number of years a person worked and his/her average wage or salary during his/her working life.
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The report includes a glossary, color maps, graphs, and appendices on committee membership, meeting agendas, the statistical reliability of federal wage data, proposals for alternative hospital wage indexes, the reporting form for hospital health care data, and arguments pro and con on a geographic adjustment for physician work.
With this decline has come the abolition of wage indexes, sliding scales of wages, which allow workers wages to keep up with the rise of prices.
The occupational wage and occupational benefits indexes are in turn constructed from ECI wage indexes for major occupational groups, each with its weight dependent on the importance of the occupation in hospitals.
SOURCES: Author's tabulations from the Centers for Medicare & Medicaid Services Provider Specific Files for fiscal years 1990-1997 and standardized hourly wage data as used in constructing area wage indexes for fiscal years 1994-2001.
A basic understanding of how the wage indexes are constructed reconciles much of the discrepancy illustrated in Figure 1.
In the service sector, the revenues index changed little in October, and the service employment and wage indexes each increased 6 points.
Column-2 of Table-I contains wage data at current prices while Column-5 contains wage data using 1975-76 average wage; Columns 7 and 8 contain wage indexes based on Laspeyres and Paasche-type price indexes respectively.
Congress required HHS to ensure that the cost of raising the wage indexes for these urban hospitals was budget neutral.
The wage indexes indicated that current wages were above those of six months ago and below those expected six months from now.
They have higher wage indexes and more discharges than the smaller hospitals, whose wage indexes are lower.
It gave experience in the collection of data over an extended period in the past, and it provided the basis for measurement of changes in the level of wages through the construction of wage indexes.
To accomplish this, the Centers for Medicare & Medicaid Services (CMS) was required to increase the wage index for all affected urban hospitals, and to then calculate a rural floor budget neutrality adjustment (RFBNA) to reduce other wage indexes in order to maintain the same level of payments.