After taking the welfare of the workers into account, the government has decided to undertake the factory and run it temporarily till a properly solution is reached.

Is the the word welfare correct here?(I am just translating this sentence spoken by a government official in another language. I am not sure about the usage of welfare here. The context is " The factor is about to be closed. People will lose the jobs if it is closed. So, this assurance is given for that. I am just wondering if I can use other word instead of welfare here)