Write a short note on settlement and what points are important to explain it.

(i) Meaning

According to Punjab Industrial Relations Act, settlement means a settlement, which is arrived at in course of a conciliation proceeding.

(ii) Explanation

Following points are important for explanation of settlement:

(a) Conciliation proceedings

(b) Agreement

(c) Written agreement

(d) Signatures

 

(a) Concilation Proceedings

Such settlement is arrived at in course of any conciliation proceedings. .

(b) Agreement

Settlement includes an agreement, which is between an employer and his/her, and which is arrived at otherwise than in course of any conciliation proceeding

(c) Written Agreement

Such agreement should be in writing.

(d) Signatures

Such agreement should have been signed by its parties in prescribed manner.

(iii) Conclusion

To conclude, it can be stated that a copy of such agreement should have been sent to government, conciliator and other prescribed person.

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