abstract: 'The article is devoted to assessing the long-term sustainability of

  Ukraine''s pension system in order to determine the efficiency of its

  main function - protection against poverty in old age and income

  replacement in retirement. The method of calculating the Global Pension

  Index was applied, which was modified by the authors taking into account

  the peculiarities of the national labor market (labor migration, shadow

  employment, etc.). The long-term sustainability indicator is determined

  on the basis of 9 sub-indicators,which reflect the impact of demographic

  (life expectancy at state pension age, total fertility rate and old-age

  dependency ratio, labor force participation rate aged 55-64 or over

  etc.), structural (contribution of each level of pension system to

  ensuring the welfare of beneficiaries), economic (the level of private

  pension assets, expressed as a percentage of GDP, the level of the

  adjusted government debt and public cost of pensions, real economic

  growth) factors.The results showed that the sustainability indexof the

  pension system gradually increased during 2016-2020, reaching its

  maximum value at 45.29 out of 100 possible. This means that functioning

  of the pension system is not effective enough in terms of providing

  adequate income in old age. The disproportionate structure of the

  pension system, in which almost all the financial strain of paying

  benefits is concentrated in PAYG system, does not contribute to its

  sustainability, especially in the long term. Prospects for the

  development of Ukraine''s pension system are mainly related to the

  strengthening of private pensions: expanding the participation of the

  working age population in private pension plans, increasing the share of

  private pension assets in GDP, increasing protection of investors''

  rights, stimulating labor force participation rate retirees. It was

  shown that GDP per-capita is weakly correlated with pension''s Therefore,

  economic factors do not have a decisive influence.'
affiliation: 'Kondrat, I (Corresponding Author), Lviv Polytech Natl Univ, Dept Finance,
  Lvov, Ukraine.

  Kondrat, I; Yaroshevych, N., Lviv Polytech Natl Univ, Dept Finance, Lvov, Ukraine.

  Kalaitan, T., Stepan Gzhytskyi Natl Univ Vet Med \& Biotechnol, Dept Hist Ukraine
  Econ Theory \& Tourism, Lvov, Ukraine.

  Yakymiv, A., Lviv Polytech Natl Univ, Dept Management Technol, Lvov, Ukraine.'
author: Kondrat, I and Yaroshevych, N. and Kalaitan, T. and Yakymiv, A.
author-email: 'iryna.y.kondrat@lpnu.ua

  natalya.b.yaroshevych@lpnu.ua

  kalaitantv@gmail.com

  yakymiv.andriy@gmail.com'
author_list:
- family: Kondrat
  given: I
- family: Yaroshevych
  given: N.
- family: Kalaitan
  given: T.
- family: Yakymiv
  given: A.
da: '2023-09-28'
eissn: 2310-8770
files: []
issn: 2306-4994
journal: FINANCIAL AND CREDIT ACTIVITY-PROBLEMS OF THEORY AND PRACTICE
keywords: 'long-term sustainability; sustainability indicator; pension system of

  Ukraine; solidarity system; private pension assets; structural

  disparities; demographic and economic factors'
language: Ukrainian
number: '42'
number-of-cited-references: '18'
orcid-numbers: 'Kalaitan, Tetyana/0000-0003-4774-4990

  Yakymiv, Andriy/0000-0003-1020-8481'
pages: 226-239
papis_id: ba16d493cf45485fe85d146601cc847c
ref: Kondrat2022evaluatinglongterm
researcherid-numbers: 'Kalaitan, Tetyana/F-5828-2019

  Yakymiv, Andriy/R-4108-2017'
times-cited: '0'
title: EVALUATING THE LONG-TERM SUSTAINABILITY OF UKRAINE'S PENSION SYSTEM AND PROSPECTS
  FOR ITS DEVELOPMENT
type: Article
unique-id: WOS:000784467800022
usage-count-last-180-days: '0'
usage-count-since-2013: '1'
volume: '1'
web-of-science-categories: Business, Finance
year: '2022'