ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -▸ A lockout is a temporary withholding or denial of employment during a labor dispute in order to enforce terms of employment upon a group of employees. A lockout is initiated by the management of an establishment.

Detailed explanation-2: -If the parties cannot reach an agreement, state law generally specifies how the dispute can be resolved. Usually, the parties can use mediation, arbitration, and/or a strike or lockout to reach an agreement.

Detailed explanation-3: -A lockout occurs when the employer closes a place of employment or suspends the work to be done by the employees in the bargaining unit. The objective of a lockout is to put pressure on the employees and their union in collective bargaining.

Detailed explanation-4: -A lock-out takes place in response to a strike or to force the employees to accept a demand of the employer. The demand must relate to disputes of mutual interest. The demand of the employer can be, for example, to force the employees to accept changes to their terms and conditions of employment.