Ways of developing the pension system of Ukraine through the study of some European countries’ experience
Vol 8, Issue 9, 2024
VIEWS - 109 (Abstract) 49 (PDF)
Abstract
This article presents a comparative analysis and characteristics of the pension insurance systems of foreign countries, namely Germany, Sweden, Estonia, Poland, France with the aim of implementing their effective and noteworthy experience in Ukraine. The key indicators of the characteristics of the pension systems of these countries and Ukraine (amount of insurance contributions to the public pension fund; retirement age; insurance period; the ratio of the average pension to the average wage) have been studied and analyzed. Having examined these indicators, the authors came to the conclusion that the general trend in most countries of the world is that they guarantee only a minimum pension, which is caused by the increase in the share of pensioners in society. To solve the demographic problems affecting pension provision, the most countries increase the retirement age and provide financial incentives to stimulate citizens to work after the retirement age. To increase the pension, there are pension accumulation tools at the expense of the employer or at the expense of one’s own funds. Following the example of foreign countries, the directions for improving the pension insurance system of Ukraine were allocated.
Keywords
Full Text:
PDFReferences
Allianz. (2023). Allianz Global Pension Report 2023. Available online: https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/economic-research/publications/specials/en/2023/april/2023-04-19-PensionReport.pdf (accessed on 25 June 2024).
Buturlym O. (2024). Pensions in Ukraine: how many pensioners will receive benefits from UAH 10,000? Available online: https://www.unian.ua/economics/finance/pensiji-v-ukrajini-skilki-pensioneriv-otrimayut-viplati-vid-10-000-griven-12611730.html (accessed on 25 June 2024).
Cheberyako, O., & Bykova, V. (2020). Models of the pension system: international experience and local practice. Bulletin of Taras Shevchenko National University of Kyiv. Economics, 212, 43–51. https://doi.org/10.17721/1728-2667.2020/212-5/6
Chuhunov, I. Y. (2017). Financial management pension scheme. Kyiv: Kyiv National University of Trade and Economics.
Council of the European Union. (1998). Council Directive 98/49/EC of 29 June 1998 on safeguarding the supplementary pension rights of employed and self-employed persons moving within the Community. Available online: https://eur-lex.europa.eu/legal-content/en/ALL/?uri=CELEX%3A31998L0049 (accessed on 25 June 2024).
Dorofeev, M., & Tamashiro, K. (2023). Evolution of Pension System Financial Models for Sustainable Economic Growth. In: Dincer, H., & Yüksel, S. (editors). Economic Development and the Environmental Ecosystem. Contributions to Economics. Springer, Cham. pp. 165–178. https://doi.org/10.1007/978-3-031-26596-9_14
Ermakov, D. N. (2011). Pension systems of western countries: features and distinctions. People and work: Scientific and Practical Magazine, 10, 35–38.
European Commission. (2023). Analytical Report following the Communication from the Commission to the European Parliament, the European Council and the Council Commission Opinion on Ukraine’s application for membership of the European Union. Available online: https://neighbourhood-enlargement.ec.europa.eu/system/files/2023-02/SWD_2023_30_Ukraine.pdf (accessed on 25 June 2024).
European Commission, Directorate-General for Employment, Social Affairs and Inclusion. (2023). The future of social protection and of the welfare state in the EU. Luxembourg: Publications Office of the European Union.
Eurostat. (2024). Data by scheme. Available online: https://ec.europa.eu/eurostat/web/social-protection/database/data-scheme#expand-de-1715153734710 (accessed on 25 June 2024).
Hlavkom. (2020). An increase in the retirement age is inevitable. Why do people retire later in Europe and what should Ukrainians expect? Available online: https://glavcom.ua/economics/finances/pidvishchennja-pensijnogo-viku-neminuche-chomu-u-jevropi-jdut-na-pensiju-piznishe-i-chogo-chekati-ukrajintsjam-659646.html (accessed on 25 June 2024).
Kowalewski, O. (2008). Poland’s Pension System: An Overview. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1565827
Kulikova, E. O. (2018). Comparative analysis of the pension insurance system of Ukraine and foreign countries. Scientific Notes of Ostroh Academy National University, “Economics” Series, 9(37), 142–146.
Verkhovna Rada of Ukraine. (2003). Law of Ukraine No. 1058-IV. On Mandatory State Pension Insurance. Bulletin of the Verkhovna Rada of Ukraine, 49–51.
Lypko, N. (2023). Analysis of the current state of the pension system in Ukraine and the search for the ways to reform it. Economy and Society, 51, 1–14. https://doi.org/10.32782/2524-0072/2023-51-44
National Bank of Ukraine. (2024). Pension system of Ukraine. Available online: https://knpf.bank.gov.ua/uchasnykam/baza_znan/pensiina_systema_ukrainy.html (accessed on 25 June 2024).
National Institute for Strategic Studies. (2024). Equity in the pay-as-you-go pension system. Available online: https://niss.gov.ua/en/node/5294 (accessed on 25 June 2024).
Pokrova non-state pension fund. (2020). Pension system. Available online: https://pokrovanpf.com.ua/pension_system.html (accessed on 25 June 2024).
OECD. (2019). Pensions at a Glance 2019: OECD and G20 Indicators. Paris: OECD Publishing. https://doi.org/10.1787/b6d3dcfc-en
Oorn, K. (2004). Developments in the Estonian Pension System. In: Pension Reform in the Baltic Countries. OECD Publishing. pp. 59–86. https://doi.org/10.1787/9789264021068-4-en
Palmer, E., & Könberg, B. (2019). The Swedish NDC Scheme: Success on Track with Room for Reflection. Social Protection & Jobs: Discussion Paper, 1901, 1–50.
Parkhomenko, M., & Moisieienko, M. (2021). The current state of the pension system in Ukraine. The Carpathian Legal Gazette, 5, 70–74. https://doi.org/10.32837/pyuv.v0i5.934
Petrushka, O. V. (2019). Distributive and Accumulative Pension Systems: Asian Experience and Conclusions for Ukraine. Market Infrastructure, 35, 405–410. https://doi.org/10.32843/infrastruct35-64
Poteraj, J. (2009). The French pension system. Annals of the University of Petroşani, Economics, 9(4), 155–164.
Rozanov, A. (2015). Public Pension Fund Management: Best Practice and International Experience. Asian Economic Policy Review, 10(2), 275–295. https://doi.org/10.1111/aepr.12106
The European Parliament and the Council of the European Union. (2004). Regulation (EC) No 883/2004 of the European Parliament and of the Council of 29 April 2004 on the coordination of social security systems (Text with relevance for the EEA and for Switzerland). Available online: https://eur-lex.europa.eu/legal-content/en/ALL/?uri=CELEX%3A32004R0883 (accessed on 25 June 2024).
The European Parliament and the Council of the European Union. (2014). Directive 2014/50/EU of the European Parliament and of the Council of 16 April 2014 on minimum requirements for enhancing worker mobility between Member States by improving the acquisition and preservation of supplementary pension rights Text with EEA relevance. Available online: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32014L0050 (accessed on 25 June 2024).
Vinikurov, Y. (2023). After the war, 3 million Ukrainians may not return home. What will happen to the economy? Available online: https://www.epravda.com.ua/publications/2023/09/11/704143/ (accessed on 25 June 2024).
Vyhovska, V. (2020). The modern problems of the non-state pension system in Ukraine. Problems and prospects of economics and management. Financial Resources: Problems of Formation and Management, 4(240), 170–178. https://doi.org/10.25140/2411-5215-2020-4(24)-170-178
Wang, P., Zhang, M., Shand, R., & Howell, K. (2014). Retirement, Pension Systems and Models of Pension Systems. SSRN Journal. https://dx.doi.org/10.2139/ssrn.2476907
Zaburanna, L. (2023). Pension reform: difficult times require systemic solutions. Available online: https://www.epravda.com.ua/columns/2023/05/12/700032/ (accessed on 25 June 2024).
Zanuda, A. (2023). What will happen to the pensions of Ukrainians after the war? Available online: https://www.bbc.com/ukrainian/features-65177138 (accessed on 25 June 2024).
Zholkver, M. (2020). How the pension system works in Germany. Available online: https://www.dw.com/uk/yak-pratsiuie-pensiina-systema-v-nimechchyni/a-55192664 (accessed on 25 June 2024).
Zimakov, A. (2016). Pension system in Germany: Revolution of evolution? Contemporary Europe, 70(4), 94–103. https://doi.org/10.15211/soveurope4201694103
DOI: https://doi.org/10.24294/jipd.v8i9.6897
Refbacks
- There are currently no refbacks.
Copyright (c) 2024 Olena Sokurenko, Svitlana Matchuk, Kateryna Chyzhmar, Pavlo Petrenko, Olha Marchenko
License URL: https://creativecommons.org/licenses/by/4.0/
This site is licensed under a Creative Commons Attribution 4.0 International License.