Global Advanced Research Journal of Economics, Accounting and Finance (GARJEAF)
April 2013 Vol. 2(3), pp. 062-067
Copyright © 2013 Global Advanced Research Journals

Review

Labour welfare and social security in globalizing economy

Abhishek Gupta

Administrative-cum-Accounts Officer and Head of Office Sardar Swaran Singh National Institute of Renewable Energy (Ministry of New and Renewable Energy, Govt. of India) Wadala Kalan, Kapurthala-144601 (Punjab)

Email: iloveindia1909@gmail.com 

Accepted 03 April, 2013

Abstract

Welfare of labor is an important aspect today which we cannot ignore if we want progress of our industry. It is essential to make safety and other welfare arrangements for labour. Freedom from want and security against economic fear is the minimum that has to be secured to its people in the country. The role of International Labour Organization in certain standards of social insurance has been significant. Social security is the security that the State furnishes against the risks which an individual of small means cannot, today, stand up to by himself even in private combination with his fellows. The quest for social security and freedom from want and distress has been the consistent urge of man through the ages. The Government and the factory owners must fully understand the labor psychology and a change in their outlook and attitude is desired to secure the industrial peace. Nothing should be done under threat but on a clear understanding that whatever is good and is due to the labor, must be given. Industry owners should treat the workers as co-partners. Similarly, workers in the country must understand fully that if they desire to secure their due place in the industrial economy of the country they must think more in terms of responsibilities and duties and not interpret independence for impertinence and liberty for license. Sabotage and violence of all kinds and bitterness in thought, word and deed must be eschewed. Then alone a socialist Democracy is possible in this country and industrial relations of a higher order can be maintained for the benefit of the country and the community.

Keywords: Labour welfare, Social security, globalizing economy