08-12-2012, 04:37 PM
LABOUR LEGISLATION AND COMPENSATION- STUDY OF LEGAL ASPECTS AND WAGE AGREEMENT
ASPECTS AND WAGE.pptx (Size: 481.75 KB / Downloads: 26)
INTRODUCTION
Labor Law is the body of laws, administrative rulings, and precedents which address the relationship between and among employers, employees, and labor organizations, often dealing with issues of public law.
Employment Laws cover broader area than labor laws in the sense that employment laws cover all the areas of employer/employee relationship except the negotiation process covered by labor law and collective bargaining.
The final goal of labor law is to bring both the employer and the employee on the same level, thereby mitigating the differences between the two ever-warring groups.
The term `labor legislation’ is used to cover all the laws which have been enacted to deal with “employment and non-employment” wages, working conditions, industrial relations, social security and welfare of persons employed in industries.
MAIN CENTRAL LAWS
Workmen’s Compensation Act 1923
Minimum Wages Act 1948
Payment of Wages Act 1936
Industrial Disputes Act 1947
Employees Provident Fund and Miscellaneous Provisions Act 1952
Payment of Bonus Act 1965 Payment of Gratuity Act 1972
Maternity Benefit Act 1961
Industrial Employment (Standing orders) Act 1946
Minimum Wages Act 1948
The Minimum Wages Act prescribes minimum wages for all employees in all establishments or working at home in certain employments specified in the schedule of the Act.
Central and State Governments revise minimum wages specified in the schedule.
Industrial Disputes Act 1947
The Industrial Disputes act 1947 provides for the investigation and settlement of industrial disputes in an industrial establishment relating to lockouts, layoffs, retrenchment etc. It provides the machinery for the reconciliation and adjudication of disputes or differences between the employees and the employers. Industrial undertaking includes an undertaking carrying any business, trade, manufacture etc.
Employees Provident Fund and Miscellaneous Provisions Act 1952
This Act seeks to ensure the financial security of the employees in an establishment by providing for a system of compulsory savings.
The Act provides for establishments of a contributory Provident Fund in which employees’ contribution shall be at least equal to the contribution payable by the employer. Minimum contribution by the employees shall be 10-12% of the wages.
This amount is payable to the employee after retirement and could also be withdrawn partly for certain specified purposes.
Payment of Gratuity Act 1972
The Payment of Gratuity Act provides for a scheme for the payment of gratuity to all employees in all establishments employing ten or more employees to all types of workers.
Gratuity is payable to an employee on his retirement/resignation at the rate of 15 days salary of the employee for each completed year of service subject to a maximum of Rs. 350,000 ($ 7778).