 Namaskar dear learners. My name is Chainika Srinapati and I am from Maniram Devan School of Management, Krishnakanta Hondikore State Open University. So dear learners, today we will be discussing on a topic from a business environment course which is on labour environment. So let us now discuss about the various aspects of labour environment. By now you have got some idea on the concepts of business, then business environment, then natural and technological environment. Also you have gone through the what is called business and business society and also the industrial policies. This unit has been divided into two parts. In the first part of the video it will mainly focus on the concepts of labour market, principles of labour legislations, labour legislations and definitions of labour welfare. So after going through this unit you will be able to learn the concept of labour market, explain principles of labour legislations, classify labour legislations, define labour welfare. So what is labour environment? The labour environment is an important component of business environment. The quality of the workforce helps in achieving the goals of the organization and the labour forces should be extended the benefits of labour legislation and they should be given opportunities to take part in the decision making process. So in this unit we shall discuss the aspects of the labour legislation, the trade unions, workers participation in management and VRS and Golden Handshakes like concepts in this part of the video and also in the second part of the video. So dear learners, let us now discuss about the concept of labour market. A labour market is a place where workers and employers interact with each other. Employers compete to hire the best and the worker compete for the best satisfying job. Thus a labour market in an economy functions with demand and supply of labour. In this market the labour demand is the firm's demand for labour and supply is the supply of workers as labour. The supply and demand of labour in the market is influenced by changes in the bargaining power of both the parties that is the employer and the workers or the employees. Suppose in a city a lot of civil constructions are going on like construction of the building or construction of the bridges. So a city will attract the labour contractors and the workers. If the supply of labour is more labour cost will be less and if the number of workers is less then the required number the cost of the labour will be high and the industry will suffer from shortage of labour. So this is the supply and demand of labour in the market. Let us now discuss about the labour legislation. Establishment of social justice has been the principle which has guided the origin and development of labour legislation in India. The setting up of international labour organization gave a stimulus to the consideration of welfare and working conditions of the workers all over the world and also let the growth of labour laws in all the parts of the world including India. Here in this video we have to mention about the principles of labour legislation. First principle of protection. The principle of protection suggests enactment of labour legislation to protect those workers who are not able to protect their interest on their own and also workers in particular industries against the hazards of industrial processes. Then the principle of social justice. The principle of social justice implies establishment of equality in social relationships. It aims at removing discrimination suffered by particular groups of labourers. Then principle of welfare. The main purpose behind the enactment of labour laws in this principle is to ensure the provision of certain basic amenities to workers at their place of work and also to improve the living conditions of the workers and their family members. The principle of social security. Social security legislation may be kept under two broad categories that is social insurance, legislation and social assistance legislation. Then the principle of economic development. Improvement of physical working conditions, establishment of industrial peace, provisions of machineries for settlement of industrial disputes, then formation of forums of workers participation in management, then provision of unfair labour practices, also the restrictions on strikes and lockouts, then provision of social security benefits and welfare facilities, then certification of collective agreements and regulations of hours of work have a direct or indirect bearing on the peace and it extend to the economic development. Then the principle of international obligation. This principle postulates enactment of labour laws with a view to give effect to the provisions of resolutions adopted by the international organizations like ILO, UN and similar other bodies. Dear learners, let us now discuss about the classification of labour legislation. So, on the basis of specific objectives, it is sought to achieve the labour legislation in India can be classified into some categories. Number one is the laws related to industrial relations. The laws related to industrial relations are trade union act 1926, industrial employment standing order act 1946, industrial dispute act 1947. Then there are laws related to wages such as payment of wages act 1936, minimum wages act 1948, payment of bonus act 1965, then working journalist, fixation of rates of wages act 1958. There are laws related to working hours, conditions of service and employment such as factories act 1948, plantation labour act 1951, mines act 1952, industrial employment standing orders act 1946. Then there are some other laws like laws related to equality and empowerment of women like maternity benefit act 1961, equal remuneration act 1976. There are laws related to the deprived and disadvantaged section of the society such as bonded labour system, abolition act 1976, labour, child labour provision and regulation act 1986. And there are also laws related to social security like workman's compensation act 1923, employee's state insurance act 1948, then employee's provident fund and miscellaneous provisions act 1952, payment of gratuity act 1972, then employee's liability act 1938. Now let us discuss about the concept of labour welfare. The meaning and implication of labour welfare differ widely with times, regions with countries, then industries, also the social values and customs, the general economic development of the people and the political ideologies that prevail in that particular moment of that place. However, there are some good definitions given by different scholars. So let us discuss about the definitions. So according to Labour Investigation Committee, labour welfare is anything done for the intellectual, physical, moral, economic benefit betterment of the workers, whether by the employer, by the government or by the agencies over and above what is laid down by the law or what is normally expected on the part of the contractual benefit for which workers may be bargained. According to NM Joshi, welfare work covers all the efforts which employers take for the benefit of their employees over and above the minimum standards of working conditions fixed by the factories act and over and above the provisions of the social legislation providing against accident or old age, unemployment and sickness. So in a very simple way, we can define the labour welfare as the labour welfare implies the setting up of minimum desirable standards of the provision of facilities like health, food, clothing, housing, medical assistance, education, insurance, job security, recreation, etc. Such facilities enable the workers and families to lead a good working life, family life and also social life. So dear learner, with this we have come to the end of the first part of the video on the unit labour environment. Thank you so much for watching this video.