Harnessing the Power of Labour Law and Social Security Law to Achieve the Goal of Formalizing Labour Markets in the BRICS Countries

The Declaration by the Labour and Employment Ministers of BRICS countries, “Quality Jobs Inclusive Policies,” guarantees that formalization labor markets is a global priority for as informal employment hampers productivity, potential economic growth efforts to improve welfare populations worldwide. Taking into account this strategic goal, authors analyze processes in countries speculate on transition from formal employment. article addresses issues inhomogeneous notional ranges used define recommends possibilities provided legislation government policy (such increasing number working places dynamic development directed at regulation new forms) be tackle these issues. social security right achieving goals economy coverage characterized detail; various legal forms (for example, security, insurance (mandatory well voluntary) support) are analyzed; their application workers defined.