THE ROLE OF RETIREMENT INSURANCE IN PROVIDING SOCIAL WELFARE
Journal Title: Сталий розвиток економіки - Year 2017, Vol 34, Issue 1
Abstract
Purpose. The aim of the article is to evaluate the role of retirement insurance in providing social welfare in the context of adherence its basic criteria – efficiency and fairness. Methodology of the study. The following general scientific methods as analysis and synthesis, induction and modeling are used during the study. Evaluating the effectiveness of retirement insurance from the perspective of social welfare was conducted through analysis and synthesis; conclusions on the priorities of reforming the pension insurance in Ukraine are formulated through induction techniques and modeling. Finding. It is established that, despite the multiple increase in the nominal size of the pension benefits, its real growth for the effects of inflation low, real minimum pension is decreased. Carried out calculations have shown reduction in pension replacement rate of wages. It is proved that a formal meeting the requirements of legislation for compliance with minimum subsistence level of pension benefits is provided by understating the actual size of basic social standards. As a result, 2/3 of pensioners received retirement benefit payments below the poverty line. The expediency of increasing the retirement age in Ukraine and its alignment gender is substantiated. Also, it is proved the need to introduce individual and funded scheme of financial resources of retirement insurance on the basis of modeling, which will allow to reduce the impact of demographic factors on its financial position. Scientific novelty. The necessity of increasing the retirement age is substantiated and feasibility of introduction in Ukraine of individual and funded scheme of forming financial resources of the retirement insurance system is proved on the basis of calculations. Practical value. The obtained results of research contribute to solving the problem of lack of financial resources of retirement insurance and increasing its effectiveness in issues on ensuring social welfare.
Authors and Affiliations
Volodymyr Horyn
Keywords
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