Foreign and domestic experience of pension system reform

Volokhova Irina
Doctor of Economics, Associate Professor, Manager of Department of Finances, Odessa National Economic University, Odessa, E-mail:volokhovais@ukr.net

Cite this article:

Volokhova I. (2020) Foreign and domestic experience of pension system reform. Ed.: D.V. Zavadska (ed.-in-ch.) and others [Zarubizhnyj ta vitchyznyanyj dosvid reformuvannya pensijnoy systemy; za red.: D.V. Zavadska (gol. red.)], Scientific Bulletin of the Odessa National Economic University (ISSN 2313-4569), Odessa National Economics University, Odessa, No. 3-2(276-277), pp. 50-58.

Abstract

The purpose of the article is to analyze foreign and domestic experience in reforming the pension system. Method. The solution of the tasks set in the article is carried out with the help of the following general and special research methods: analysis and synthesis, systematization and generalization. Results. The foreign experience of pension system reform has been studied. Pension systems such as Germany, the United States and Sweden are analyzed. Practical significance. The pension system in any country is one of the important elements of social protection of employees and an important indicator of social policy, so the implementation of state obligations established at the constructive level, necessitates the creation and operation of the country system, economically and legally guaranteed the right to social security. The pension system is an important element of social protection of citizens and an important indicator of social policy. The degree of pension provision is determined by the economy and the labor market. Reforms and some measures to optimize the work of the pension system in recent decades have become a regularity not only in Ukraine but also in foreign countries. Demographic and economic imbalances are also inherent in foreign pension systems. To remedy the situation, foreign countries, like Ukraine, are trying to find ways to adapt the pension system to external changes. The experience of pension reforms is a useful experience in finding measures to stabilize the domestic pension system. This experience will help to avoid mistakes that have been made in other countries. The current pension system is mainly focused on low-paid and medium-paid workers, and given the high rates of pension insurance contributions are at a low level. Finding ways to solve modern problems of pension provision is the main task facing the social sphere.

Keywords

Pension, pension system, Pension Fund of Ukraine, reform, single social contribution.

JEL classification: H55, H75, J26, J32

UD classification: 349.3(477)

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