The object of this act is to bring in and maintain industrial peace and economic justice in industries. The act aims at prevention and speedy settlement of disputes between the employer and the workmen / Union.
The act provides for referring disputes to Conciliation, Arbitration, Adjudication, Labour Court, Industrial Tribunal, etc.,
The ID Act 1947 also provides for payment of compensation to the workmen on account of retrenchment, Lay off, Closure and also prior permission from the Govt. before resorting to the above. Furthermore, the amended act deals with unfair labour practices on the part of employer or union or worker. There are other provisions which deals with works committees, prohibition of strikes and lockouts, recognition of protected workman, Notice of change of working conditions etc.
For offences, unfair labour practices, illegal strike or lock-out, etc. punishable with imprisonment or fine.