Labour Issues, Challenges and Economics in India: A Paradigm Shift to Welfare Policies

Abstract

Labour and management relations are a dynamic socio-economic process, and they are constantly strived to maximize their preferred value by applying resources to institutions. The labour law seeks to regulate the relations and also form the welfare provisions and policies. The access of this law is wider than any other law as it touches the lives of billions of workers. International Labour Organization is devoted to promoting social justice and internationally recognized human and labour rights, pursuing its founding mission that labour peace is essential to prosperity. The major issues involved in the industrial relations process are terms of employment like wages, dearness allowances, bonus, fringe benefits and regarding working conditions like- leaves, working hours, health, safety and welfare.