CONCEPT AND FEATURES OF PENSION PROVISION IN UKRAINE

Abstract

Abstract. This article defines the concepts and features of pension provision in Ukraine. The pension system of Ukraine is a social system aimed at ensuring the financial protection and social well-being of citizens who have reached retirement age, through the collection and distribution of mandatory pension contributions and other sources of funding, in accordance with legislation, as well as in the event of other life circumstances provided by law. The main features of the pension system of Ukraine include: the pension system of Ukraine has two levels – a mandatory state pension system and an additional voluntary system implemented by private pension funds; most citizens of Ukraine are obliged to pay mandatory pension contributions from their wages; the retirement age may depend on gender, profession and other factors, and is usually 60 years for men and 58 years for women;the pension system provides benefits and social protection to persons with disabilities, veterans, combatants, etc.; financing of the pension system is carried out at the expense of mandatory contributions, the state budget and other sources of financing; Ukraine has a system of private pension funds, which provide an opportunity for citizens to additionally accumulate pension information through investments; the pension system of Ukraine has undergone several reforms in order to modernize it and ensure sustainable financial stability. pension provision is a complex socio-economic system, which provides financial and social support for individuals at retirement age or with limited opportunities to work, with the aim of ensuring their decent material and social situation after the end of professional activity, the specified system is based on financial contributions, fees and other resources collected both from individuals and from state and non-state institutions, with the aim of providing regular pension payments and other social services to persons of retirement age, to ensure their material well-being and social integration into society. Pensions can take many forms, including state pension insurance, non-state pensions and other schemes, and can vary by country and its legislation.