Labor policy refers to the set of laws, regulations, and practices that govern the relationship between employers and employees. It encompasses various aspects such as wages, working conditions, benefits, and workers' rights. Governments often create labor policies to ensure fair treatment in the workplace and to promote economic stability. These policies can include minimum wage laws, safety regulations, and anti-discrimination measures. Organizations like the International Labour Organization (ILO) work to establish global labor standards. Effective labor policies aim to balance the needs of workers and employers, fostering a productive and equitable work environment.