- Defines terms 'Industry', 'Industrial Dispute', 'Lay-off', 'Strike', 'Lockout', 'Retrenchment', 'Trade Union' etc
- Provides machinery for investigation and settlement of 'Industrial Disputes' through Works Committees, Conciliation Officers, Boards of Conciliation, Courts of Inquiry, Labour Courts, Industrial Tribunals, voluntary Arbitration and Collective Bargaining
- Provides for setting-up of 'Grievance Settlement Authority' (GSA) in certain establishments
- Provides for notice of change in employment conditions
- Provides Strike, Lockout & Retrenchment procedures
- Provides for Lay-off & Retrenchment Compensation
- Provides for Compensation to workmen in case of transfer of undertakings
- Protection of workmen during pendency of proceedings
- Provides for Right to Appeal
- Provides for Reopening of Closed Undertakings
- Lays down provisions regarding Unfair Labour Practices
- Provides Obligations & Rights of Employees
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