This chapter examines the effects of structural adjustment programs designed under the supervision of IMF and World Bank on labor markets. These leading financial institutions are part of global financial system and they finance countries. In return, the countries satisfy the requirements imposed by IMF and World Bank. The requirements imposed by IMF and World Bank includes devastating measures for labor market, including privatization, deregulation of labor market, and flexibilization. There is convincing evidence that structural adjustment programs slowdown economic growth so hurts employment. Besides, the labor markets started to be constituted by unsafe work places without rules as a result of deregulations and flexibilizations. Most of the workers lost social security and workplace security. Feminization, child labor, increasing work incidents are the main severe results of the policies designed under pressure of IMF and World Bank on labor market.