Labor market asymmetries and mechanisms for regulating them in the context of achieving the sustainable development goals

Abstract

Introduction. Labor market is a major component of any economy and is intricately tied in with markets for capital, goods and services. At a time of immense challenges to sustainable development, employment, unemployment, particularly youth unemployment, gender inequalities are major concerns and key challenges. Purpose. The article aims is to research the national peculiarities and tendencies of the labor market and determine the directions of the state policy of Ukraine for regulating the asymmetries of its development on the basis of foreign countries experience. Method (methodology): the methods of structural and logical analysis were used to implement theoretical generalizations and formulation of mechanisms for regulating them in the context of achieving the Sustainable Development Goals; the methods of detailing and synthesis were used to study the employment, unemployment, wages, and labor migration. The statistical methods were used to study the labor market asymmetries and the trends of labor market. Results. The actual trends of development of labor market have been investigated. There are a number of problems that affect the efficiency of state policy and achieving the Global goals of sustainable development. These are problems such as employment opportunities, especially for young people; inequalities across regions, age groups and genders; informal employment; labor migration. Particular importance is attached to core indicators for reporting on contribution towards implementation of the Sustainable Development Goals as annual growth rate of real GDP per employed person; proportion of informal employment, by sex; average hourly earnings of female and male employees, by occupation, age and persons with disabilities; unemployment rate, by sex, age and persons with disabilities; proportion of youth (aged 15-24 years) not in education, employment or training. The mechanisms of regulation of asymmetries of development of labor market in Ukraine are proposed. For example, labor market reform and revision of labor law; investing in education; development of cognitive and social skills; job creation, cooperation of all parties of social-labor relations and others.