Foreign experience of using non-governmental pension instruments for development of human potential in Ukraine
Journal Title: Економіка. Фінанси. Право - Year 2019, Vol 2, Issue
Abstract
The article deals with the distribution of non-state pension funds by types of pension schemes and asset structure in the context of countries P7. The analysis of the growth of assets of 7 countries with the largest pension markets in 2017 is analyzed. The advan-tages and disadvantages of using tools (pension schemes) in countries such as the USA, India, New Zealand, Germany, Canada and Australia have been explored. Possible ways of using foreign instruments in the system of non-state pension provision of Ukraine, taking into account its economic situation and social aspects of life of the population, are offered. The purpose of the paper is to highlight the best practices for using non-state pension provision tools for human development in Ukraine. Methodological basis of the research are such general scientific methods as: detailing, synthesis, generalization, comparison, systematization, structural-logical and graphical analysis. International experience in the reform of the pension sector suggests that the retirement provision of the elderly is subject to tangible transformations in general only in the positive side every year. One of such significant changes is the active inclusion of employers and employees in the system of private pension provision on a self-financing basis during their work. This tendency is due to the influence of a number of overwhelming factors, including financial, demographic, labor and cultural peculiarities. The value of the experience of developed foreign countries is the long-term testing of the most effective instruments, which in the pension practice are constantly improving due to the systematic work of power structures through legislative reforms and the citizens through their personal initiative. Particularly relevant for Ukraine is the introduction of automatic inclusion of employees in private schemes, subject to voluntary refusal, co-financing by the state, and introduction of automation in the system of private pension provision.
Authors and Affiliations
Ivan Stepanovych Haiduk
Keywords
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