The article is devoted to the analysis of the social consequences of changes in the sphere of work in the context of economic globalization. Based on the analysis of foreign and domestic literature, large statistical and sociological information, the author argues that the implementation of neoliberal reforms has become a key factor in increasing labor inequality, instability and vulnerability of the employment sphere and decline of the well-being of working people in the modern world. The author pays attention to such key problems of the modern work sphere as informal employment, declining welfare of workers, unemployment, ageism and gender inequality. Еvolution of inequality in the work is shown, its expansion and deepening as the quintessence of the structural changes in the economy in recent decades. The author studies the impact of the COVID-19 pandemic on the global labor market, identifies regional differences and the most vulnerable groups in the labor market in this context.