Analysis of the approaches of the International Labour Organization to the addition of conventions is motivated by the need for a theoretical and methodological analysis of the foundations of budgeting to ensure safe work (including personal protective equipment, training, compliance with the regulatory requirements of legislation in the field of labor protection, etc.). Assessment of the current practice of formation of the occupational safety costs in Kazakhstan is offered. The issue on potential economic costs within the framework of the conventions of the International Labour Organization ratified by Kazakhstan, in particular the recommendations to the conventions № 187, 162, 155, 167, 148, is considered. After analyzing the international experience, it was concluded that it is required to revise a number of guidance documents on labor protection and safety in Kazakhstan, namely, full transparent reporting of the employers to the regulatory body in matters of industrial injuries, the state of the working environment and conditions, as well as the costs of organizational measures and protective equipment. The article introduces a new concept of «five-partism» instead of the existing «tripartism», and, also within the framework of economic costs and an ergonomic management approach, the concept of «circular financial model of the country» is introduced. In the process of study the empirical data was used, such as conventions, and, accompanying recommendations, laws on the ratification of the convention of the Republic of Kazakhstan. The issue on labor economics, including occupational risks, injuries and post-rehabilitation is studied in the leading journals of the international institutes for occupational safety and hygiene. Despite the abundance of economic literature on safety problems, functional and methodological approaches to control, budgeting, modeling and optimization of occupational safety and health costs are not sufficiently studied. Many problematic issues of the theoretical and practical significance are covered in the fragments and remain open, including the introduction and use of risk-oriented management of the sustainability of the organization of labor protection and safety by budgeting and planning costs for employee safety.