The complete transformation of Industry 4.0 to Industry 5.0 is emphasizing the human centric values along with technological advancements, representing new paradigms for enhancing employee wellbeing. The literature review explores the evolving role of employee wellbeing within the context of Industry 5.0, examining the key themes such as emotional intelligence, personalised work experiences, machine collaboration and sustainable and ethical work practices. Through the interdisciplinary research on human resource management, organisation behaviour and emerging technologies, the review explores the critical success factors in nurturing wellbeing in technology advanced environments. The study further explains the human infrastructure and its association with wellbeing, etc. The paper further discusses the implications for policy and practice, emphasizing the need for flexible, ethical and inclusive aligned work models. The comprehensive synthesis provides the insights for academicians, policy makers and practitioners to integrate technological progress with the holistic wellbeing of the workforce in the era of Industry 5.0