STRATEGY FOR THE REFORM OF UKRAINE'S PENSION INSURANCE SYSTEM IN THE CONTEXT OF EUROPEAN INTEGRATION

Анотація

The purpose of the article is to substantiate the strategic directions for reforming Ukraine's pension insurance system in the context of European integration and to identify mechanisms for enhancing its financial sustainability, efficiency, and social justice.The study examines the current state of the national pension insurance system and identifies the key challenges hindering its development, including demographic ageing, declining birth rates, large-scale migration processes, insufficient financial resources of the Pension Fund of Ukraine, a high level of informal employment, and the limited development of funded pension mechanisms.It is argued that these factors significantly affect the long-term stability of the pension system and necessitate the implementation of comprehensive reforms aimed at ensuring adequate pension provision for future generations.Particular attention is paid to the adaptation of Ukraine's pension insurance system to European standards and best practices in the field of social protection.The article analyzes the experience of European Union member states in implementing multi-pillar pension models and evaluates the possibilities of applying their successful practices in Ukraine.It is established that the development of a balanced pension system requires the combination of solidarity and funded components, the diversification of financial resources, and the strengthening of institutional mechanisms for pension governance.The study substantiates the necessity of developing and implementing a long-term strategy for pension insurance reform that takes into account both national socio-economic conditions and the requirements arising from Ukraine's European integration course.The proposed strategic approach includes the gradual introduction of a mandatory funded pension pillar, the expansion of voluntary pension savings instruments, the digitalization of pension administration processes, the creation of integrated information systems, and the improvement of mechanisms for protecting pension rights.Special emphasis is placed on the development of individual pension accounts, the enhancement of transparency and accountability in pension fund management, and the strengthening of public confidence in pension institutions.Furthermore, the article highlights the importance of expanding international cooperation in the field of pension provision, harmonizing national legislation with European Union regulations, and promoting financial literacy among citizens to encourage their active participation in pension savings programs.The implementation of modern digital technologies is considered a key factor in improving the efficiency of pension administration, reducing operational costs, and ensuring better access to pension services.The research methodology is based on the application of methods of scientific abstraction, analysis and synthesis, comparison, generalization, statistical evaluation, and strategic forecasting.The practical significance of the obtained results lies in their potential application in the development of state policy in the field of pension provision, the preparation of legislative initiatives, and the implementation of comprehensive reforms aimed at creating a financially sustainable, socially equitable, and European-oriented pension insurance system in Ukraine.

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