Better Understanding of Labour Laws can be Fruitful As a startup, it is significant for you to realize that besides maintaining transparency & creating a roadmap for funding, it’s equally significant to stay up to the mark with obligatory laws as it ensures the company’s compliance with them and further leads to success & growth of the startup. Considering the same, below is the introduction and history of one of the most important laws i.e. Labour Laws for your better understanding.
Labour Laws: Introduction and History
Better Understanding of Labour Laws can be Fruitful Labour Laws are one of the obligatory laws that are required to be taken care of, if you are in a business and your business is responsible for providing employment and empowerment to a number of people. Quite interestingly, the labor movement has a great history in protecting the rights of workers, ensuring their safety, increase their bargaining power relative to their employers and preventing child labor. Henceforth, it is prudent to say that the safety, satisfaction, and productivity of your employees lie in your startup’s proper compliance with the labor laws.
Labour Laws, the industrial legalizations enacted by Government of India provides economic and social justice to the workers in industries. These laws provide proper guidelines to the employers in dealing with the matters related to wages, wage incentives, facilities to workers and supervising the working conditions of labor. Not only this, labor laws also codify and clarify the obligations of business owners’ to their employees.
How labour laws provide dual protection to both the employers and employees?
Undeniably, the best and the most intriguing part about labor laws is the fact that these laws offer dual protections to both the employers and employees. For instance, these laws eliminate conflicts in the events that are stressful for both the employers and employees. Not to forget, complying with labor laws also proves to be financially beneficial to both the employees and employers in a way that the owner complying to these laws can avoid penalties and potential lawsuits arising from non-compliance of labour laws. On the other side, labor laws ensure that the employees are properly compensated for their work through facilities such as reduced medical expenses.
How labour laws pave a way for value recognition?
Besides ensuring economic stability, labour laws are also known for reflecting the dominant values of the society. The best instance to justify the statement lies in the fact that labour law comes with anti-discrimination laws based on the underlying belief of human equality. For instance, child labor laws reflect that children must not work under certain conditions provided the fact that they can’t understand the contracts and tasks. Thus, labour laws play a great role in stabilizing the overall value system of the society.
Being a startup, it is important for you to understand these laws have a great role to play in defining the goodwill of your startup. Thus, knowing and complying with the labor laws at the first place is undeniably a wise decision you could ever make. Setindiabiz can help in Labour Laws matters for Startup as well-established businesses in India.