What is labor economics and industrial relations?

Labor Economics and Industrial Relations is an interdisciplinary field which covers many branches of social sciences such as social politics, sociology, psychology, labor economics and industrial and social security law. The department has two main parts: Labor Economics and Management and Labor Sociology.

How is Labour related to economics?

Labor economics help to understand labor demands in relation to their working services. Labor economics assists to understand all types of efforts made either physically or mentally by labor and working professionals in the production of goods or in the delivery of their skilled services.

How does industrial relations impact employment conditions?

The IR Act only applies to employees in the New South Wales State or local government sector. Under the IR Act, the Industrial Relations Commission has the function of setting minimum wage rates and other conditions of employment for employees and resolving industrial disputes.

What is Labour economics and its importance?

IMPORTANCE OF LABOUR ECONOMICS: It helps economists to understand labour related problems e.g Issues on fair wage or salaries workers, welfare of workers, labour productivity, workers safety, gender related matters, job security and Job satisfaction. 2.

What are the main issues in labour economics?

The field of labour economics covers a range of issues that are fundamental to under- standing the world of work, such as the relationship between employment and growth, wage formation, the importance of human capital, migration and labour market regula- tions, to name a few.

What do you mean by industrial relations in management?

-Industrial Relations is that aspect of management which deals with the manpower of the enterprise-whether machine operator, skilled worker or manager. -Cordial and peaceful Industrial Relations between the employees and the employer are highly essential for increasing productivity and the economic growth of the country.

What does the Labour Relations Department of an industry do?

The Labour Relations department of an industry (i)Deals with management and the labour union in arriving at a satisfactory resolution of problems such as low wages, poor fringe benefits, etc. (ii)Carries out all correspondence with the labour unions. (iii)Participates in Grievance handling. (iv)Represents the company in arbitration cases.

How many study lessons are in industrial labour and general laws?

In the light of above developments, this study material has been prepared to provide an understanding of certain industrial, labour and general legislations which have direct bearing on the functioning of companies. The study material has been divided into two parts consisting of twenty five study lessons.