The article covers the brief overview of Labour and Social Security Law in global and national Russian context. Concerning the global context of modern social and labour rights, the author speaks about the issue of econometric efficiency of labour and social security law, their importance from the point of view of sustainable development at micro- and macro levels. Another global issue covered in the article is the changing nature of the world of work. Due to the technological progress and shift of labour from the industrial to services model, the employment relations worldwide face the growing phenomena of atypical employment. The borderline between the employment and genuine civil law relations becomes more and more obscure. Further the author talks about Russian context of modern Labour and Social Security law. Major issue in the field is the debate concerning the flexibility of labour and social security normative regulation. The author concludes that Russian labour law may be considered as overly rigid when it comes to the discourse of employer-state relations. In this field the bureaucratic requirements seem to put excessive burden on the employers. In contrary, the issues of relations between the employers and employees require more rigid normative regulation aimed at offering employees more legal protection.