MAIN DIRECTIONS OF PENSION SYSTEM REFORM IN THE EU COUNTRIES AND UKRAINE

Анотація

The article examines the main directions of pension system reform in the countries of the European Union and Ukraine in the context of contemporary socio-economic transformations. The theoretical foundations of the functioning of pension provision are analyzed, and its role in shaping the system of social protection of the population is determined. Particular attention is paid to the analysis of the current state of pension systems, key trends in their development, and the challenges faced by European countries and Ukraine under conditions of demographic and economic change. The main factors that determine the need for pension system reform are identified, including demographic population aging, increasing life expectancy, a decrease in the share of the economically active population, an increasing burden on working citizens, as well as the financial instability of solidarity pension systems. The study examines the main models of pension provision operating in the countries of the European Union and identifies their characteristic features. The experience of implementing multi-pillar pension systems that combine solidarity, funded, and private pension provision levels is analyzed. It is demonstrated that the combination of different mechanisms for the formation of pension benefits makes it possible to increase the financial stability of the system, ensure the diversification of sources of pension income, and reduce risks associated with demographic changes. The features of the functioning of the pension system of Ukraine, its institutional structure, and the mechanisms for the formation of pension benefits are examined. The main problems of its development are identified, including the deficit of the pension fund budget, a high level of shadow employment, low pension payments, and a demographic imbalance between contributors and pension recipients. The expediency of using the positive experience of European Union countries in the process of further reforming the national pension system, taking into account the socio-economic characteristics of Ukraine, is substantiated. The study proposes directions for improving the efficiency of the pension system of Ukraine, including the development of the funded level of pension provision, improvement of pension asset management mechanisms, increasing the transparency of the functioning of pension institutions, and creating conditions for strengthening public trust in the pension system. The implementation of the proposed measures will contribute to strengthening the financial stability of the pension system, improving the level of social protection of citizens, and ensuring its long-term sustainability.

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