It talks about the Regulation of strikes and lockouts and the proper procedure which is to be followed to make it a Legal instrument of 'Economic Coercion' either by the Employer or by the Workmen.

Chapter V-B, introduced by an amendment in 1976, requires firms employing 300 or more workers to obtain government permission for layoffs, retrenchments and closures.

Every person employed in an establishment for hire or reward including contract labour, apprentices and part-time employees to do any manual, clerical, skilled, unskilled, technical, operational or supervisory work, is covered by the Act.

The definition of Industry under the Act is taken from the Supreme Court's judgment in Bangalore water Supply and Sewerage Board v. A.

(not spiritual or pious in nature but inclusive of material things or services geared to seek celestial bliss)