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Labour law the varied body of law applied to such matters as employment, remuneration, condition of work, trade unions, industrial relations etc. unlike the laws of contract, tort or property the element of labour laws are less homogeneous then the rules governing a particular legal relationship, labour laws are foundation of an industrial piece an industrial growth.
refers to accept of accepted terms of employment. It refers to several regulatory compliance including minimum wage act, workmans compensation act, contract labour act, factories act, industrial dispute act, maternity benefit act etc. With which every private and public commercial establishment has to comply in order to provide health, safety and welfare of the common labour.
Apart from the business side the company is also obligated to meet such statutory compliance requirements. There are various laws and acts that the business has to comply with. It submit regular returns in non compliance of which punitive action may be initiated towards the management of such non complying company or establishment. There are laws at both central and state level applicable to a business.
For general public for the purpose of house hold activities, small or medium scale businesses to large corporations. Labour is an unavoidable need of every business form or commercial activity. This is because, increase productivity brings higher profits. Moreover, opportunity of more investment to businesses to grow domestically and in global arena. In this perusal of dreams labour is inseparable part of the whole process, workers increase productivity can translate to the higher profits of businesses which in tandem to their wages and salaries better working conditions. And a welfare organization towards its labours is a must in today commercial age. Most importantly, in the longer terms it proves to be a key element in wealth creation to the nation, hence, labour is considered a foundation to industrial piece and national growth of the nation.