2023-09-28 14:46:10 +00:00
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abstract: 'The article is devoted to assessing the long-term sustainability of
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Ukraine''s pension system in order to determine the efficiency of its
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main function - protection against poverty in old age and income
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replacement in retirement. The method of calculating the Global Pension
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Index was applied, which was modified by the authors taking into account
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the peculiarities of the national labor market (labor migration, shadow
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employment, etc.). The long-term sustainability indicator is determined
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on the basis of 9 sub-indicators,which reflect the impact of demographic
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(life expectancy at state pension age, total fertility rate and old-age
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dependency ratio, labor force participation rate aged 55-64 or over
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etc.), structural (contribution of each level of pension system to
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ensuring the welfare of beneficiaries), economic (the level of private
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pension assets, expressed as a percentage of GDP, the level of the
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adjusted government debt and public cost of pensions, real economic
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growth) factors.The results showed that the sustainability indexof the
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pension system gradually increased during 2016-2020, reaching its
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maximum value at 45.29 out of 100 possible. This means that functioning
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of the pension system is not effective enough in terms of providing
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adequate income in old age. The disproportionate structure of the
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pension system, in which almost all the financial strain of paying
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benefits is concentrated in PAYG system, does not contribute to its
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sustainability, especially in the long term. Prospects for the
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development of Ukraine''s pension system are mainly related to the
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strengthening of private pensions: expanding the participation of the
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working age population in private pension plans, increasing the share of
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private pension assets in GDP, increasing protection of investors''
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rights, stimulating labor force participation rate retirees. It was
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shown that GDP per-capita is weakly correlated with pension''s Therefore,
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economic factors do not have a decisive influence.'
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affiliation: 'Kondrat, I (Corresponding Author), Lviv Polytech Natl Univ, Dept Finance,
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Lvov, Ukraine.
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Kondrat, I; Yaroshevych, N., Lviv Polytech Natl Univ, Dept Finance, Lvov, Ukraine.
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Kalaitan, T., Stepan Gzhytskyi Natl Univ Vet Med \& Biotechnol, Dept Hist Ukraine
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Econ Theory \& Tourism, Lvov, Ukraine.
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Yakymiv, A., Lviv Polytech Natl Univ, Dept Management Technol, Lvov, Ukraine.'
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author: Kondrat, I and Yaroshevych, N. and Kalaitan, T. and Yakymiv, A.
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author-email: 'iryna.y.kondrat@lpnu.ua
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natalya.b.yaroshevych@lpnu.ua
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kalaitantv@gmail.com
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yakymiv.andriy@gmail.com'
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author_list:
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- family: Kondrat
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given: I
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- family: Yaroshevych
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given: N.
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- family: Kalaitan
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given: T.
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- family: Yakymiv
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given: A.
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da: '2023-09-28'
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eissn: 2310-8770
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files: []
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issn: 2306-4994
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journal: FINANCIAL AND CREDIT ACTIVITY-PROBLEMS OF THEORY AND PRACTICE
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keywords: 'long-term sustainability; sustainability indicator; pension system of
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Ukraine; solidarity system; private pension assets; structural
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disparities; demographic and economic factors'
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language: Ukrainian
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number: '42'
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number-of-cited-references: '18'
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orcid-numbers: 'Kalaitan, Tetyana/0000-0003-4774-4990
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Yakymiv, Andriy/0000-0003-1020-8481'
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pages: 226-239
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papis_id: ba16d493cf45485fe85d146601cc847c
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ref: Kondrat2022evaluatinglongterm
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researcherid-numbers: 'Kalaitan, Tetyana/F-5828-2019
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Yakymiv, Andriy/R-4108-2017'
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times-cited: '0'
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title: EVALUATING THE LONG-TERM SUSTAINABILITY OF UKRAINE'S PENSION SYSTEM AND PROSPECTS
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FOR ITS DEVELOPMENT
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2023-10-01 08:15:07 +00:00
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type: article
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2023-09-28 14:46:10 +00:00
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unique-id: WOS:000784467800022
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usage-count-last-180-days: '0'
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usage-count-since-2013: '1'
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volume: '1'
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web-of-science-categories: Business, Finance
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year: '2022'
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