The relevance of this topic is determined by the fact that socio-economic development of the state directly affects the development of the country itself, its domestic and foreign policy, economic and social position in the world, and its national security. Socio-economic development determines the status of the country in the international arena. Socio-economic development is an expanded reproduction, gradual structural and qualitative changes in the economy, production forces, growth and development factors. Currently, the goals of the socio-economic development of the state and the regions are increasing incomes, improving the quality of education and healthcare, reducing the proportion of the poor, protecting the environment, expanding personal freedoms, equalizing opportunities, etc. It is essential to increase economic growth, which creates favorable conditions for expanding the base of taxes and contributions to state non-budgetary funds, helps to reduce unemployment, and expands access to social assistance systems. The article shows that to a large extent, social peace in society and stable and friendly relations between employers and employees are achieved by means of the social insurance system. The materials of the article can be useful as part of the preparation in the areas of Economics and Management.