Modernization of the system of formation and use of financial resources of pension insurance in Ukraine

Анотація

Introduction. Due to the demographic, socio-economic and financial problems facing Ukraine, the need to modernize Ukraine’s pension system is quite acute. The basis for its improvement should be changes that will ensure the creation of a balanced and equitable pension insurance system, which will operate on the basis of transparency and efficiency, the main vocation of which will be to ensure a high standard of living and social integration of existing and future retirees. The purpose of the paper is to study the problems of the functioning of the pension system of Ukraine and to find ways to improve the system of formation and use of financial resources of pension insurance. Results. Real and priority steps towards the implementation of the outlined vectors of reform on the way to improving the pension system should be comprehensive systemic measures to de-shadow the economy, create jobs, legalize the labor market, reduce pressure on the payroll and simplify tax administration, ensure adequate wages and income. In order to improve the mechanism of effective use of the pension system, it is necessary to modernize the existing system of administrative, financial and budgetary management. The key point of such modernization is to take into account the completeness of financial security, efficiency and effectiveness of financial flow management. Ensuring the efficient use of budget funds of the pension system is considered as one of the ways to increase the provision of these funds. The use of budget funds should be based on a balance of opportunities and needs for financial resources, analysis of their adequacy, assessment of their effectiveness and manageability, the availability of innovative levers and management schemes, other components of financial management, soundness of financial flows. One of the important activities to solve the problem of formation and use of financial resources is to overcome the problem of distrust and lack of public awareness about private pension provision. Conclusion. The urgency of the chosen ways to modernize the pension system of Ukraine is increasing due to the fact that it will concern the improvement not only of the pension insurance system, but also of the entire economic system of Ukraine. After all, it will create additional incentives for the economy to emerge from the shadows, will form a great potential of financial resources that will be directed to investment and economic development of the country.

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