Improving the system of wage regulation in Kazakhstan
Journal Title: Journal of Economic Research & Business Administration - Year 2023, Vol 143, Issue 1
Abstract
In the period 2001-2007 Kazakhstan has made significant progress in almost all major macroeconomic indicators. But after the crisis of 2008-2009, the growth rate of the Kazakh economy based on resource-intensive production slowed down. This had a negative impact on the level of wages in the country. Nevertheless, in our opinion, even in the case of a relatively low trajectory of the progressive development of the Kazakhstani economy, the possibilities of increasing the level of wages have not been exhausted. A more fundamental and long-term driver of wage growth is gross domestic growth (GDP). Based on the study of scientific literature and available statistical materials, the authors analyzed the practice of wage regulation in Kazakhstan and looked for possible ways to improve it. The wage regulation mechanism in a market economy is considered as a system consisting of three closely related parts:- formation of an equilibrium wage rate in the labor market;- use of the system of social partnership;- implementation of measures of state influence.An analysis of the practice of Kazakhstan shows that it is necessary to achieve an adequate impact of the ratio of supply and demand in the labor market on the formation of a market wage rate. Due to the low level of development of social partnership relations and the low effectiveness of collective agreements in regulating wages, the practice of dominating the interests of employers over the interests of employees has developed. The practical significance of this work lies in the fact that the implementation of the proposed measures to improve the current practice of wage regulation in order to increase it will also contribute to the additional growth of the country’s economy
Authors and Affiliations
S. K. Jumambayev, G. К. Ilyashova, А. Zh. Dosmbek
Keywords
Related Articles
- EP ID EP714957
- DOI 10.26577/be.2023.v143.i1.07
- Views 67
- Downloads 0
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