Industrial Relations and Collective Bargaining

Industrial relations refer to the relationship between employers, employees, and the government regarding workplace conditions and policies. Collective bargaining is a key process within this relationship, where employees negotiate with employers, often through unions, to establish agreements on wages, working hours, and other employment terms. This collaboration is crucial for labor market development, as it helps balance the interests of workers and employers, promotes fair practices, and contributes to economic stability by improving job satisfaction and productivity. Effective industrial relations foster a positive work environment and support sustainable economic growth.