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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For FY 2020 and subsequent years, CMS is removing the one-year lag of the wage index data to enhance the consistency of the wage indexes across settings.
The first is the beginning of recovery for public finances, especially as this is the first budget that shows a drop in deficit and wage indexes. Postponing the wage hike is a sacrifice made by wage earners that will lessen the burden on the budget.
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.
The data are available as wage indexes and annual rates of change comparing average hourly earnings of men and women in matched establishments between years.
A basic understanding of how the wage indexes are constructed reconciles much of the discrepancy illustrated in Figure 1.
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.
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. The latter represented an innovation of signal importance for which credit must go to Professor Roland P.
To evaluate distributional equity, wage indexes were developed using the alternative labor market areas and analyzed in the payment simulation model to determine payment-to-cost ratios, described in a separate article in this issue of the Review (O'Dougherty et al., 1992).