[JBIMS][PL] [2] - Industrial Dispute
I had missed the first session, hence no blog to cover the first one. So far have missed two sessions in all (first one being MM last wednesday).
Prof discussed the definition of Industrial Dispute stating which kind of work is covered under the definition of Industry. There was long discussion on Arbitration and how arbitration is binding on both parties with no possibility of any appeal in court. In other words, once the arbitrator has passed his/her judgement, neither party is permitted to approach court for any change in verdict. Prof then discussed about introduction of THE ARBITRATION AND CONCILIATION ACT in 1996 post liberalization era. This was introduced essentially to mitigate concerns of foreign investors who were scared to invest in country because as per them workers are over protected in the country. There was also deliberation on why workers are protected whereas Managers aren't. Reason stated was that it is relatively easy for manager to get new job whereas workers don't and their families are dependent on them with not much scope of financial support available if and when they lose their job(s). During this discussion I was reminded by statement made by Managerial Economics Professor. She had stated that there is lot of disparity when it comes to following scenarios
1) Around 90% of population contributing to Indian economy do not enjoy security in terms of gratuity/pension/provident fund etc.
2) While 50+ % population is engaged in agricultural activities, agriculture rarely contributes to more than 20% to Indian economy. This isn't the case in other countries where the work contribution equals the economic contributions. In other countries, courtesy automation in agriculture, only 10% of population is engaged in agricultural activities and agriculture in those countries contribute to 10% of their economy. Yeah, this second point is not relevant but have put up here seeing that I hadn't put it up in ME wala post (he he :P).
There also was discussion about certain activities which are carried out by companies like forcing their employees to sign bonds which is not legal however in want to get exposure, employee succumb to such tactics. Thankfully I haven't had this sort of binding on self till date but then it would false to state that I haven't seen illegal stuff happening around.
It's a funny little hypocritic world that we live in. I personally have started believing that law can't bring order in people. Also assuming that it would be able to correct misdoings all the time is an impractical hope.
Prof discussed the definition of Industrial Dispute stating which kind of work is covered under the definition of Industry. There was long discussion on Arbitration and how arbitration is binding on both parties with no possibility of any appeal in court. In other words, once the arbitrator has passed his/her judgement, neither party is permitted to approach court for any change in verdict. Prof then discussed about introduction of THE ARBITRATION AND CONCILIATION ACT in 1996 post liberalization era. This was introduced essentially to mitigate concerns of foreign investors who were scared to invest in country because as per them workers are over protected in the country. There was also deliberation on why workers are protected whereas Managers aren't. Reason stated was that it is relatively easy for manager to get new job whereas workers don't and their families are dependent on them with not much scope of financial support available if and when they lose their job(s). During this discussion I was reminded by statement made by Managerial Economics Professor. She had stated that there is lot of disparity when it comes to following scenarios
1) Around 90% of population contributing to Indian economy do not enjoy security in terms of gratuity/pension/provident fund etc.
2) While 50+ % population is engaged in agricultural activities, agriculture rarely contributes to more than 20% to Indian economy. This isn't the case in other countries where the work contribution equals the economic contributions. In other countries, courtesy automation in agriculture, only 10% of population is engaged in agricultural activities and agriculture in those countries contribute to 10% of their economy. Yeah, this second point is not relevant but have put up here seeing that I hadn't put it up in ME wala post (he he :P).
There also was discussion about certain activities which are carried out by companies like forcing their employees to sign bonds which is not legal however in want to get exposure, employee succumb to such tactics. Thankfully I haven't had this sort of binding on self till date but then it would false to state that I haven't seen illegal stuff happening around.
It's a funny little hypocritic world that we live in. I personally have started believing that law can't bring order in people. Also assuming that it would be able to correct misdoings all the time is an impractical hope.