The labour market in the context of the growth of globalization processes: evidence from Ukraine and countries of the European Union

Abstract

The labour market is a special market of means of production, which requires special attention, since the subject of exchange is the ability of people to work, skills and knowledge of a person. The welfare of the population, its purchasing power, level of income and, in the end, the standard of living depends on the efficiency of the exchange at the market. The issue of unemployment is one of the key issues in the state regulation of the labor market, which causes a decrease in household incomes and the general population, a decrease in the welfare of the nation and in general the gross domestic product. Scientists distinguish several types of unemployment on various grounds: reasons, structure and period, etc. But one of the topical problems of the present, with a tendency towards rising retirement age, observed in both developed and developing countries, is youth unemployment. That entails a set of problems: the inadequacy of education with the current requirements of the labour market, the lack of vacancies, and the increase of retirement age employees delays the term of retirement, thus not freeing jobs, etc.