The present paper deals with the economic, social and labour rights in the Republic of Serbia and their compliance with relevant European and international standards. In particular, the study focuses on issues related to employment and social and labour reforms implemented by the Republic of Serbia in the context of the process of accession to the European Union. In fact, Serbia, which was granted the status of eu candidate country by the European Council on 1 March 2012, had already initiated an important process of harmonization to the vast European Union’s regulatory framework on labour and social rights.The beginning of this voluntary and partial process of harmonization can be traced back to the Labour Law of the Republic of Serbia of 2001, but a substantial step forward was made in 2005, with the adoption of the Law on Civil Servants. The last cited act represents a sort of framework law for labour relations in Serbia, and has been amended several times. Lastly, the Serbian National Assembly adopted, on 18 July 2014, the Law on Amendments to the Labour Law, which makes substantial changes to the previous discipline.The innovations introduced by the law of 2014, as well as their legal and economic implications, are analysed above all with regard to the concrete application of the discipline to the reality of industrial relations in Serbia. The paper also tries to contextualize the mentioned reform in the framework of the Serbian labour market. An analysis in this sense cannot ignore the massive phenomenon of the delocalisation of foreign companies in Serbia and its causes: the reduced labour costs and the tax relief policies for companies implemented by Serbia.