SOCIAL PROTECTION OF EMPLOYEES AS A TOOL FOR HUMAN CAPITAL DEVELOPMENT IN THE CONDITIONS OF SOCIO-ECONOMIC TRANSFORMATION

Анотація

The article deals with social protection of employees as a key component of preservation, reproduction and development of human capital in the context of socio-economic transformations taking place in Ukraine and its strategic course towards European integration. Social protection is viewed as a comprehensive and dynamic system of legislative, institutional and financial mechanisms aimed at preventing, mitigating and overcoming a wide range of social risks, ensuring equal access to social guarantees, fair employment, income security and stable livelihoods. The paper identifies and analyses the main functions of social protection in a modern market economy, including protective, redistributive, incentive and stabilising. These functions are considered important for ensuring social justice, reducing inequality, strengthening social cohesion and maintaining long-term economic and social stability. Particular emphasis is placed on the role of social protection in expanding opportunities for vulnerable groups, strengthening inclusive labour market policies, and investing in long-term human development through improved health, education, and occupational mobility. The article analyses the current state of the social protection system in Ukraine, focusing on structural and functional shortcomings, such as fragmented legal regulation, low coverage of workers in both the formal and informal sectors, insufficient funding, institutional inefficiency and insufficient response to new challenges. The article emphasises that increasing the effectiveness and adaptability of social protection is crucial for increasing productivity, social resilience and the country's ability to cope with crises. In light of these findings, the authors argue for the importance of bringing Ukraine's social protection system in line with social standards and best practices in the EU. Strategic recommendations are offered to strengthen institutional capacity, ensure better targeting, expand coverage, improve financing mechanisms, and enhance the role of social protection as a key instrument for human capital development, inclusive growth, and sustainable national progress.

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