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A Project titled

submitted to University of Mumbai

for Partial Completion of the Degree of Bachelor of Commerce

(Accounting & Finance) Under the Faculty of Commerce

Submitted

SHUBHAM SURYAKANT MORE

Roll No. 79

SEMESTER VI

Under the guidance of

Asst. Prof.

V.K KRISHNA MENON COLLEGE OF COMMERCE & ECONOMICS

AND SHARAD SHANKAR DIGHE COLLEGE OF SCIENCE
BHANDUP (EAST), MUMBAI-400042

ACADEMIC YEAR
2022-23

BHANDUP EDUCATIONAL SOCIETY’S

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V.K KRISHNA MENON COLLEGE OF COMMERCE & ECONOMICS

AND SHARAD SHANKAR DIGHE COLLEGE OF SCIENCE
BHANDUP (EAST), MUMBAI-400042
E-Mail: info@menoncollege.edu.in PH: 022 25668541

CERTIFICATE

This is to certify that of Mr / Ms. SHUBHAM SURYAKANT MORE Roll No. 79

Semester VI (2022-23) has worked and duly completed her/his Project Work in
partial fulfillment of the requirement for the award of Bachelor of Commerce
(Accounting & Finance) under the Faculty of Commerce and her/his project is
entitled, “___________________________”

INTERNAL EXAMINER EXTERNAL EXAMINER PRINCIPAL

DATE OF SUBMISSION :
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DECLARATION

I _____________________ ,(Student Name), Roll No. _____of Bachelor of

Commerce (Accounting & Finance) Semester VI, the undersigned hereby, declare
that the work embodied in this project titled
_________________________________________, forms my own contribution
to the research work carried out under the guidance of
Asst.Prof.________________________ is a result of my own research work.

Wherever reference has been made to previous works of others, it has clearly
indicates such and included in the bibliography.

I, hereby further declare that all information of this document has been obtained
and presented in accordance with academic rules and ethical conduct.

(SIGNATURE OF STUDENT)
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ACKNOWLEGMENT

To list all have helped me in difficult because they are so numerous and the
depth is so enormous.

I would like to acknowledge the following as being idealistic channel and fresh
dimensions in the completion of this project.

I take this opportunity to thank University of Mumbai for giving me chance to

do this project.

I would like to thank my Principal, Smt. Saroj V Phadnis for providing the
necessary facilities required for completion of this project.

I take this opportunity to thanks our Co-ordinator Asst. Prof. Anjana Ashokan
for his moral support and guidance.

I would also like to express my sincere gratitude towards my Project Guide

Asst. Prof. ____________ whose guidance and care made the project
successful.

I would like to thanks my college library, for having provided various reference
books and magazines related to my project.

Lastly, I would like to thanks each and every person who directly or indirectly
helped me in completion of the project especially my parents and peers who
supported me throughout my project.
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INDEX

SR NO. PARTICULARS PAGE NO.

CHAPTER 1 INTRODUCTION OF PROJECT

CHAPTER 2 RESEARCH METHODOLOGY

2.1 DATA COLLECTION

2.2 METHOD OF DATA COLLECTION

2.3 OBJECTIVES AND SCOPE OF THE STUDY

2.4 LIMITATION OF THE STUDY

CHAPTER 3 LITERATURE REVIEW

CHAPTER 4 DATA ANALYSIS AND INTERPRETATION

CHAPTER 5 CONCLUSION

BIBILIOGRAPHY

ANNEXURE

Project Report On
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CHAPTER I

INTRODUCTION

Employee Welfare is a term including various services,

benefits and facilities offered to employees by the employers. The welfare
measures need not be monetary but in any kind/forms.

This includes items such allowances, housing, transportation, medical insurance

and food. Employee Welfare also 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. Through such generous benefits the employer makes
life worth living for employees.

Employee Welfare defines as “efforts to make life worth living for workmen”.
“Employee Welfare is a comprehensive term including various services,
benefits and facilities offered to employees & by the employers. Through such
generous fringe benefits the employer makes life worth living for employees.
“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.
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Definition

The oxford dictionary defined Welfare measure as efforts to make life

worth living for worker. According to Encyclopedia of social sciences “The
voluntary efforts of the employers to establish, within the existing industrial
system, working and sometimes living and cultural conditions of the employees
beyond what is required by law, the customs of the industry and the conditions
of the market”.

Features of Welfare Measures

1. Employee Welfare is a comprehensive term including various services,

facilities and amenities provided to employees for their betterment.
2. Welfare measures are in addition to regular wages and other economic
benefits available to employees under legal provisions and collective
bargaining.

3. The basic purpose of Employee Welfare is to improve the lot of the

working class and thereby make a worker a good employee and a happy citizen.

4. Welfare measures may be both voluntary and statutory.

Importance of Employee Welfare

As a business, you have to provide various benefits to ensure your Employee

Welfare. While this may increase your business expense and negatively affect
your bottom line, looking after your employees will benefit you in other ways.
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1.Compliance

We are required by law to provide certain benefits for the welfare of our
employees. We may have to match the social security norms our employees pay
and obtain a worker’s compensation insurance policy.

If we terminate an employee, he may have to fund to extend his health

insurance.

2 Hiring and Retention

The benefits an employee receives in welfare are often a significance reason

why he decides to accept a job offer. As such, providing employee benefits
allow us to compete with other businesses to recruit and retain quality
employees. If offer better benefits, goods employees may choose to go these.

3 Employees Motivation

We always provide a plan that’s good for Employees’ Welfare; we show them
feel welcome and happy in your organization, motivation them to work harder.

Due to our health plan has always has wellness coverage and preventative care,
our employees are more likely to stay healthy, cutting down on absenteeism and
sick days.

4 Employees’ well-being

We have had a large base of employees working under stressful conditions or

living away from family, so we look at fostering personal happiness and
professional growth, we believe in employees pays dividends in terms of higher
productivity and greater loyalty.
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5 Company image

Last but not the feast, we provide a good Employee Welfare plan that reflects
well on our business, building a good company image. Sometimes, it even earns
ours organization some press coverage, giving you free publicity to improve
awareness among potential customers. Thus, this is how we boost your sales
and increase your profit.

Types of Welfare Measures

1.Statutory Welfare Schemes

The statutory welfare schemes include the following provision.

Drinking Water: at all the working places safe hygienic drinking water should
be provided.

First appliances: First 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.

Canteen facilities: cafeteria or canteens are to be providing hygienic and

nutritious food to the employees.

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.
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Rest rooms: adequate numbers of rest rooms are provided to the workers with
provisions of water supply, wash basins, toilets, bathrooms, etc.

2 Non Statutory Schemes

Many non statutory welfare schemes may include the following schemes: 

Personal health care (Regular medical check-up): some of the companies

provide the facility for extensive health check-up.

Flexi-time: the main objective of the flextime 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.

Employee assistance programs: various assistant programs are arranged like

external counseling service so that employees or members of their immediate
family can get counseling on various matters.

Benefits of Employee Welfare.

They provide better physical and mental to workers and thus promote a healthy
work environment.

Facilities like housing schemes, medical benefits, and education and recreation
facilities for worker’s families help in raising their standards of living. This
makes workers to pay more attention towards work and thus increase their
productivity.

Employees get stable labour force by providing welfare facilities. Workers take
active interest in their jobs and work with a feeling of involvement and
participation.
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Meaning of Employee Welfare:

Employee welfare means, such services, facilities and amenities such as canteens, rest and
recreation facilities, arrangement for travel to and for the accommodation of workers
employed at a distance from their home, and such other services, amenities and facilities
including social security measures as contribute to improve the condition under which
workers are employed.

Concept of Employee Welfare:

Employee welfare may be viewed as a total concept, as a social concept and a relative
concept. The total concept is a desirable state of existence involving the physical, mental,
moral and emotional well-being. The social concept of welfare implies, of man, his family
and his community.

The relative concept of welfare implies that welfare is relative in time and place. Employee
welfare implies the setting up of minimum desirable standards and the provision of facilities
like health, food, clothing housing, medical allowance, education, insurance, job security,
such as to safeguard his health and protect him against occupational hazards. The worker
should also be equipped with necessary training and a certain level of general education.

The term ‘Employee Welfare’ refers to the facilities provided to workers in and outside the
factory premises such as canteens, rest and recreation facilities, housing and all other services
that contribute to the well- being of workers.

Welfare measures are concerned with general well-being and efficiency of workers. In the
early stages of industrialization, welfare activities for factory workers did not receive
adequate attention .Employers were not inclined to accept the financial burden of welfare
activities. Wherever employers provided for such amenities, it was more with a paternalistic
approach to labor rather than recognition of workers ‘needs. Hence the state had to intervene,
in discharge of its welfare responsibility, by using its persuasive powers and/or by enforcing
legislation, where persuasion failed. Compulsory provisions are thus incorporated in the
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Factories Act, 1948 with respect to the health, safety and welfare of workers engaged in the
manufacturing process. In the previous lesson you have studied the nature and characteristics
of factories. In this lesson, you will come to know about the health and welfare measures for
workers in factories.

The very logic behind providing welfare schemes is to create efficient, health, loyal and
satisfied employee force for the organization. The purpose of providing such facilities is to
make their work life better and also to raise their standard of living. The important benefits of
welfare measures can be summarized as follows:

 They provide better physical and mental health to workers and thus promote a healthy
work environment.
 Employees get stable labor force by providing welfare facilities. Workers take active
interest in their jobs and work with a feeling of involvement and participation.
 Employee welfare measures increase the productivity of organization and promote
healthy industrial relations thereby maintaining industrial peace.
 The social evils prevalent among the labors such as substance abuse, etc. are reduced
to a greater extent by the welfare policies.

The concept of ‘employee welfare’ is flexible and elastic and differs widely with times,
regions, industry, country, social values and customs, degree of industrialization, the
general socio- economic development of the people and the political ideologies prevailing
at particular moments. It is also according to the age group, socio-cultural background,
marital status, economic status and educational level of the workers in various industries.
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SWOT ANALYSIS OF THE INDUSTRY

1. Strength:

 Cost competitiveness in terms of Labour and material

 Qualified and skilled man power
 High operational efficiency

2. Weaknesses:

 Low investment in Research and Development

 The domestic sales of the company are not up to the mark
 Lack of experience in system integration
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3. Opportunities:

 The growing need to outsource

 Higher frequency of introducing of never models by automakers
 Global market opportunity itself is the ultimate opportunity provided by auto industry
 Acquisition in foreign markets

4. Threats:

 Appreciation of Rupee
 Development of new technologies like fuel cell, hydrogen powered vehicles, which
may affect the auto component industry.