FINANCIAL SUSTAINABILITY OF THE PENSION SYSTEM IN UKRAINE

Abstract

The current period of social development is marked by institutional changes in the country's pension system, which last more than ten years and which have led to the creation of new pension institutions, the creation of a legal framework for future retirees. The need to reform pension insurance institutions in Ukraine is due to the demographic and economic problems of our pension system.In addition to economic and demographic factors outside the pension system, within the latter there are significant internal problems with maintaining the institution of early retirement, loss of insurance function and loss of earnings due to retirement due to retirement age and the mismatch between insurance rates associated with pension obligations.Measures to improve the pension system in order to achieve a socially acceptable level of pensions have yielded a number of positive results, but at the same time it is clear that the pension system in Ukraine still needs further restructuring, as reforms in this area do not have long-term financial reforms. Ensured stability and a balanced budget of the pension fund.Ongoing measures aimed at improving the pension system, achieving a socially acceptable level of pensions have made it possible to achieve a number of positive results, but at the same time it is clear that the pension system in Ukraine currently needs further transformations. whereas the reforms implemented in this area have not made it possible to achieve long-term financial stability and a balanced budget for the pension fund.There is no doubt that the emerging modern pension system should be adequate in accordance with the current conditions of socio-economic development of our country, as well as comply with international standards of pension provision, global trends in the development of pension institutions. The degree of effectiveness of a country's pension system can be determined on the basis of the high level of social security of pensioners provided by the pension institutions existing in that country.The degree of effectiveness of a country's pension system can be determined on the basis of the high level of social security of pensioners provided by the pension institutions existing in that country. At the same time, in modern society, older people, as shown by empirical studies, belong to those categories of the population who are less satisfied with their own lives and their quality than others; in addition, there has been a recent trend of a relative decline in the level of material security for pensioners.