What is Industrial Law?
The Industrial law, also known as employment or labour law is the body of laws, administrative rulings, and precedents which address the legal rights of, and restrictions on, working people and their organizations. As such, it mediates many aspects of the relationship between trade unions, employers, and employees.
These laws could be asked in the Bank Exam, i.e IBPS PO, IBPS Clerk, RRB etc. The most important corporate laws are as follows: -
Factories Act 1948: - An act to consolidate and amend the law regulating labour in factories. The act was introduced on 23rd September 1948.
Industrial Disputes Act, 1947: - An Act to make provision for the investigation and settlement of industrial disputes, and for certain other purposes. The act was introduced on 11th March, 1947.
Workmen’s Compensation Act, 1923: - An Act to provide for the payment by certain classes of employers to their workmen of compensation for injury by accident. The act was introduced on 5th March 1923.
Employee’s Provident Fund Act, 1952: - An act to provide for the institution of provident funds, pension fund and deposit-linked insurance fund for employees in factories and other establishments. The act was introduced on 4th March 1952.
Payment of Gratuity Act, 1972: - An Act to provide for a Scheme for the payment of gratuity to employees engaged in factories, mines, oilfields, plantations, ports, railway companies, shops or other establishments. The act was introduced on 21st August 1972.
Minimum Wages Act, 1948: - An act to provide for fixing minimum rates of wages in certain employments. The act was introduced on 15th March 1948.
Employee State Insurance (ESI) Act, 1948: - An act to provide for certain benefits to employees in case of sickness, maternity and employment injury. The act was introduced on 19th April 1948.
Maternity Benefit Act, 1961: - An act to regulate the employment of women in certain establishments for certain periods before and after childbirth and to provide for maternity benefit and certain other benefits. The act was introduced on 12th December 1961.
Bonus Act, 1965: - An Act to provide for the payment of bonus to persons employed in certain establishments on the basis of profits or on the basis of production or productivity. The act was introduced on 25th September 1965.
Read Also:
The Corporate Laws The Banking Laws Important banking terms – SBI, IBPS PO/ Clerk/ SO/ RRB Exam Indian Banking & Financial System
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