Introuction of Financial Market

7/30/2019 Introuction of Financial Market

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FINANCIAL MARKET:

Financial markets are helpful to provide liquidity in the system and for

smooth functioning of the system. These markets are the centers that provide

facilities for buying and selling of financial claims and services. The financial

markets match the demands of investment with the supply of capital from

various sources.According to functional basis financial markets are classified into two types.

They are:

Money markets (short-term)

Capital markets (long-term)

According to institutional basis again classified in to two types. They are

Organized financial market

Non-organized financial market.

The organized market comprises of official market represented by recognized

institutions, bank and government (SEBI) registered/controlled activities and

intermediaries. The unorganized market is composed of indigenous bankers,

moneylenders, individual professional and non-professionals.MONEY MARKET:

Money market is a place where we can raise short-term capital.

Again the money market is classified in to

Inter bank call money market

Bill market and

Bank loan market Etc.

E.g.; treasury bills, commercial papers, CD's etc.

Employee walfare

Welfare includes anything that is done for the comfort and improvement of employees and is

provided over and above the wages. Welfare helps in keeping the morale and motivation of the

employees high so as to retain the employees for longer duration. The welfare measures need not

be in monetary terms only but in any kind/forms. Employee welfare includes monitoring of

working conditions, creation of industrial harmony through infrastructure for health,industrial

relations and insurance against disease, accident and unemployment for the workers and their

families.

Employee welfare facilities in industries.

Organizations provide welfare facilities to their employees to keep their motivation levels high.

The employee welfare schemes can be classified into two categories viz. statutory and non-


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statutory welfare schemes. The statutory schemes are those schemes that are compulsory to

provide by an organization as compliance to the laws governing employee health and safety.

These include provisions provided in industrial acts like Factories Act 1948, Dock Workers Act

(safety, health and welfare) 1986, Mines Act 1962. The non-statutory schemes differ from

organization to organization and from industry to industry.

STATUTORY WELFARE SCHEME.

The statutory welfare schemes include the following provisions:

1. Drinking Water: At all the working places safe hygienic drinking water should be

provided.

2. Facilities for sitting:In every organization, especially factories, suitable seating

arrangements are to be provided.

3. First aid appliances: First aid appliances are to be provided and should be readily

assessable so that in case of any minor accident initial medication can be provided to the needed

employee.

4. Latrines and Urinals: A sufficient number of latrines and urinals are to be provided in

the office and factory premises and are also to be maintained in a neat and clean condition.

5. Canteen facilities: Cafeteria or canteens are to be provided by the employer so as to

provide hygienic and nutritious food to the employees.

6. Spittoons: In every work place, such as ware houses, store places, in the dock area and

office premises spittoons are to be provided in convenient places and same are to be maintained

in a hygienic condition.

7. Lighting: Proper and sufficient lights are to be provided for employees so that they can

work safely during the night shifts.


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8. Washing places: Adequate washing places such as bathrooms, wash basins with tap and

tap on the stand pipe are provided in the port area in the vicinity of the work places.

9. Changing rooms: Adequate changing rooms are to be provided for workers to change their

cloth in the factory area and office premises. Adequate lockers are also provided to the workers

to keep their clothes and belongings.

10. Rest rooms: Adequate numbers of restrooms are provided to the workers with provisions

of water supply, wash basins, toilets, bathrooms, etc.

NON STATUTORY SCHEMES

Many non statutory welfare schemes may include the following schemes:

1. Personal Health Care (Regular medical check-ups): Some of the companies

provide the facility for extensive health check-up

2. Flexi-time: The main objective of the flexitime policy is to provide opportunity to

employees to work with flexible working schedules. Flexible work schedules are initiated by

employees and approved by management to meet business commitments while supporting

employee personal life needs

3. Employee Assistance Programs: Various assistant programs are arranged like external

counselling service so that employees or members of their immediate family can get counselling

on various matters.

4. Harassment Policy: To protect an employee from harassments of any kind, guidelines are

provided for proper action and also for protecting the aggrieved employee.

5. Maternity & Adoption leave - Employees can avail maternity or adoption leaves.

Paternity leave policies have also been introduced by various companies.


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6. Medi-claim Insurance Scheme: This insurance scheme provides adequate insurance

coverage of employees for expenses related to hospitalization due to illness, disease or injury or

pregnancy.

7. Employee Referral Scheme: In several companies employee referral scheme is

implemented to encourage employees to refer friends and relatives for employment in the

organization.

Need for the study

To know that whether welfare facilities play an important role on the working of employees, and

to know hence the employees are dissatisfied welfare facilities will help them to get motivated.

Scope of the Study:

This study aims to find out the satisfaction of the employees, whether the company is providing

necessary health, safety and welfare measures in HLL Life care Limited, Kanagala. The scope ofthe current study named Employee welfare facilities is limited only to HLL Life care limited,

Kanagala unit& its application is also specifically limited to the HLL Life care Limited,

Kanagala unit, and the study cannot be applied to other unit of the HLL. This study helps to

improve the performance of the Human resource management department.


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Objectives of labour welfare activities:-

Following are the objectives of the voluntary labour welfare services byemployer-

1)To win over employees loyalty and increase their morale.2)To develop efficiency and productivity among workers.

3)To reduce of threat of future government intervention.

4 ) To make r ec r u i t men t mor e e f f ec t i ve .

5)To earn goodwill and enhance public image.

6) To build up stable labour force to reduce labour turn over and absenteeism.

Importance of labour welfare activities:-

Labour welfare in India has a special significance as the constitutionprovides for

the promotion of welfare of the labour for human conditions of work and securing to all

workers.The various welfare measures provided by the employee will haveimmediate

impact on the health, physical and mental efficiency, alertness, morale and overall

efficiency of the workers and thereby contributing to thehighestproductivity.Social security

measure provided by employer will act as a protection tothe workers. Labour welfare means

activities designed for the promotion of the economic, social and cultural well-being of

the employees. Labour welfareincludes both statutory as well as non-statutory activities

undertaken by theemployers, trade unions and both the central and state governments for

thephysical and mental development of the workers.Labour welfare enables workers to have

richer and more satisfying life. It raises the standard of living of workers by indirectly reducing

the burden ontheir pocket. Welfare measures improve the physical and physiological healthof the

employees, which in turn enhance their efficiency and productivity.Labour welfare promotes

a sense of belongings among the workers, preventing them from

resorting to unhealthy practices like absenteeism,

l obour u n r es t s t r i ke , e t c . we l f a r e wor k i mpr oves t he r e l a t i ons be t weenempl


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oyees and employers. It promotes a real change of heart and a changeof outlook of the part of

both the employers and employees.

Employee Welfareo Employee welfare means the efforts to makelife worth living for workmen.

According to Todd employee welfare means anything done for the comfort and

improvement, intellectual or social, of the employees over and above the wages

paid which is not a necessity of the industry

Features of Employee Welfare

Employee welfare is a comprehensive term including various services, facilities andamenities provided to employees for their betterment.

The basic purpose in to improve the lot of the working class. Employee welfare is a dynamic concept. Employee welfare measures are also known as fringe benefits and services. Welfare measures may be both voluntary and statutory.

Objectives of Employee Welfare.o Employee welfare is in the interest of the employee, the Employer and the society

as a whole. The objectives ofemployee welfare are: -

It helps to improve. It improves the loyalty and morale of the employees.


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It reduces labour turnover and absenteeism. Welfare measures help to improve the goodwill and public image of the

enterprise.

It helps to improve industrial relations and industrialPeace. It helps to improve employee productivity.

Agencies of Employee Welfare.

1. Central government: -The central government has made.Elaborate provisions for

the health, safety and welfare under Factories Act 1948, and Mines Act 1952. These acts

provide for canteens, crches, rest rooms, shelters etc.

2. State government: - Government in different states and Union territories providewelfare facilities to workers. State government prescribes rules for the welfare of the

workers and ensures compliance with the provisions under various labour laws.

3. Employers: - Employers in India in general looked upon welfare work as fruitless andbarren though some of them indeed had done Pioneering work.

4. Trade unions: - In India, trade unions have done little for the welfare of workers. Butfew sound and strong unions have been the pioneering in this respect. E.g. the

Ahmedabad textiles labour association and the Mazdoorsabha, Kanpur.

5. Other agencies: - Some philanthropic, charitable d social service organizations like: -SevaSadan society, Y.M.C.A ., etc

Types of Employee Welfare.


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Intramural: -These are provided within the organization like: -1. Canteen,2. Rest rooms,3. Crches,4. Uniform etc.

Extramural: -These are provided outside theo organization, like: -

1. Housing,2. Education,3. Child welfare,4. Leave travel facilities,5. Interest free loans,6. Workers cooperative stores,7. Vocational guidance etc.

Types of Employee Welfareo Statutory welfare work - comprising the legal provisions ino Various pieces of labour legislation.

Voluntary welfare work - includes those activities which areo Undertaken by employers for their voluntary work.o Different ways of Social Security Provision in India

Social Insurance- common fund is established with periodicalo Contribution from workers out of which all benefits in terms of cash or kind are

paid.The employers & state prove major portion of finances.Benifitsshuch as PF,

Group Insurance etc are offered.

Social Assistance- Benefits are offered to persons of smallo Means by govt out of its general revenues.o Eg- Old age pension


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Social Security Employee Welfareo Medical care - Sickness benefit in cash - Old age pension or retirement benefit -

Invalidity pension - Maternity benefit - Accident benefit - Survivors benefit

o Art 41 0f Indian constitution says that the state shall within theo limits of its economic capacity &development, make effective provision for

security , the right to work, to education & to public assistance in cases of

unemployment, old age, sickness & disablement & in other cases of undeserved

want

Philosophy of Employee Welfare

The philosophy of labour welfare activities is based on the theory that success of

industrial development depends upon harmonious relations and co-operation between

labour and management (employer). The labour has a fund of knowledge and experience

at his jobs. If rightly directed and fully used, it would make a good contribution to the

prosperity of the organization this can be achieved only through the satisfaction of the

labour.

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Introuction of Financial Market