МОДЕРНІЗАЦІЯ ПЕНСІЙНОЇ СИСТЕМИ В УМОВАХ ЕКОНОМІЧНОЇ КРИЗИ

Abstract

At the present stage of social and economic development of social relations in Ukraine, pension reform gets considerable attention.It is necessary to eliminate legislative gaps, improve the legal regulation of insurance premiums for compulsory state pension insurance, as well as eliminate disproportions in the levels of pensions for various categories of citizens, etc.This and other issues related to the problems of reforming the pension system in Ukraine are covered in the works of I.F. Gnibidenko, B.O.Nadchocia, L.A.Demchuk, O.G.Mordvinova, S.M.Nedbayeva, K.P.Chernenk, A.Ya.Jakubovich, and others. However, it is still critical to make further scientific research since there is a need to introduce the accumulation component, and to determine the mutual influence of reforming the system of pensions and economic development of the country.The purpose of this article is a scientific substantiation of the need to develop a modern concept of the pension system upgrade executed in the context of an economic crisis.The Ukrainian pension system upgrade issue is constantly attracting attention not only of scientists but also of the general public and the state. However, so far, the state has implemented only partial measures aimed at reorganizing the existing pension system without taking into account the current realities of the Ukrainian society development.In terms of reformation of the pension system, Ukraine walks the path already laid by economically developed countries, without taking into account its own economic realities, which is why it lags behind the countries it took its lead from.The article unravels the research on the concept of the pension system modernization, as well as analyzes the current state of the pension system of Ukraine.It also examines the peculiarities of the way pension system functions in the leading countries of the world. It covers the level of pension systems and the impact of demographic and economic indicators on them. Finally, it highlights general features and main disadvantages of existing pension systems in different countries of the world.The study substantiates the need for a significant amplification of the compulsory accumulation pension system and the introduction of a permanent co-financed program for accumulative pensions which should be working on a permanent basis.On the ground of the comprehensive analysis it is determined that the modernization of pension reform should be a model of advanced development, when the state determines the directions of breakthrough” and concentrates all efforts on the achievement of the result in a particular field.It is also suggested for the state to use all possible means and methods in order to to encourage the creation of a voluntary pension system to meet the needs of pensions assurance.The creation of the State Savings Fund, in its turn, seems to be a wrong way of pension reform development.Implementation of the criteria for the effectiveness of modernization of the future pension system will ensure the financial stability of the Ukrainian pension system at the expense of: balancing the use of the budget funds of the Pension Fund; reformation of early retirement benefits; increasing the efficiency and reliability of the accumulative part of the pension system.