PROBLEMAL ASPECTS OF SOCIAL INSURANCE IN UKRAINE REGARDING LIFETIME RISKS
Keywords:Keywords: insurance market, private sector, pension fund, market failures, institutional environment.
Social insurance implements a mechanism to strike a balance between national work ethic and mandatory care for retirees and those who are unable to work through social programs that support total consumption spending. Most studies focus on compulsory state social insurance, therefore, it is relevant to study the social insurance system from the perspective of state and non-state insurance throughout life. The purpose of the study is to identify problematic aspects and to investigate the current mechanism of social and pension insurance against social risks. The scientific novelty consists in providing analytical support for identifying the features and problematic aspects of the functioning of social insurance in Ukraine, which, unlike the existing one, involves an analysis of the legal framework, statistical indicators in the context of the national institutional environment and the development of proposals to overcome problematic aspects in the field of social insurance throughout life. The research methodology is based on the following methods: analysis, synthesis, systematization and statistical analysis. The analysis of the study covers the period of the Covid-19 crisis and the pandemic era, which allows us to assess the potential of public administration in the event of unforeseen situations and economic downturns. Based on the results obtained, it is revealed that the main feature of state social insurance is the assistance earned by citizens through the payment of insurance premiums in the course of labor activity in exchange for the right to receive protection from social risks. At the same time, the assessment of the state costs part of the budgets of state insurance funds reveals shortcomings in the activities on non-fulfillment of planned indicators, failure to control the targeted use of funds from own reserves and lack of resource capacity. The analysis of social insurance with point of view а system of private pension provision on the main indicators of funds reveal a low development of investment processes, which requires the introduction of measures to spread public awareness of non-state pension insurance. The results of the study can be used by the Government to strengthen social insurance aimed at improving the quality of life of the population. In particular, pay more attention to the need to increase the financial awareness of citizens by providing them with financial information about retirement savings and options to increase their income levels at retirement age.
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