Economic Aspects of Ensuring Labor Safety in the Global Labor Market

Abstract

Strengthening the globalization processes and intensifying their development generate numerous destabilizing factors significantly affecting the world market of labor capital and leading to irreversible destructive changes. Under such conditions, the issue of ensuring labor safety in the global labor capital market and creating relevant conditions for labor protection is highly urgent. The purpose of the academic paper is to conduct theoretical and applied studies of the economic aspects of ensuring labor safety in the world market of labor capital. The methodological base of the research consists of general scientific and unique methods of economic analysis, in particular, as follows: scientific abstraction, system analysis, synthesis, statistical analysis, comparison, grouping, cluster analysis, tabular, graphic, generalization, and systematization. The obtained results of the conducted research make it possible to assert that ensuring labor safety in the world market of labor capital is difficult. It significantly depends on the country's development level, which is proven by the example of certain European countries and the USA. It has been established that there are significant disproportions on the global market of labor capital in its development in modern conditions, leading to an increase in the unemployment level, a decrease in the employment level and wages. The most significant destabilizing factors of reducing labor safety in the global labor capital market were identified: the spread of the COVID-19 pandemic and the full-scale war of Russia against Ukraine. The primary measures to increase labor safety indicators on the global labor capital market and to normalize its main parameters are proposed. They foresee a decrease in the number of workers who retire early and those who are disabled due to an accident and occupational disease, a reduction of economic and social expenditures for accidents and occupational diseases, in particular, due to intensifying the development of the insurance system; strengthening the ability of employees to increase labor productivity by improving health; creation of working conditions at enterprises capable of ensuring its safety through introducing innovations.