Pension system of Ukraine: challenges and perspectives

Abstract

The scientific article deals with the problems and prospects of development of modern pension system of Ukraine. The challenges and threats of population aging for the pension system and possible directions of its reformation  in the context of foreign experience study are found out. The notion and structure of pension system are researched. Advantages and disadvantages of solidary system, mandatory pension providing and private funds functioning are specified. Development problems of non-state pension providing in national economics are singled out.  The structure and dynamics of expenses, Pension fund income, the share of pension budget revenues and the size of pensions of different groups of pensioners are analyzed. The reasons of Ukrainian pension fund subsidies are revealed. The peculiarities of pension system in foreign countries are researched; advantages and disadvantages of Beveridge and Bismarck’s pension models are stated.  The main directions of current pension system reformation having taken into account global demographic trends and effective foreign experience are specified. Modern means of pension reformation connected with an increase in the retirement age for women, early retirement restrictions, special pensions restriction and maximum amount of pensions are estimated.