REGULATORY MECHANISM OF PUBLIC FINANCE MANAGEMENT IN THE SPHERE OF COMPULSORY STATE PENSION INSURANCE: CHALLENGES AND PROSPECTS

Abstract

Recently in Ukraine pension provision has been going through a deep crisis, although the state spends about 10% of the national income generated on pension provision, which is a significant indicator by international standards. The purpose of the article is to identify the problems and prospects for improving the regulatory mechanism of public financial management in the field of compulsory state pension insurance in Ukraine. It has been established that the regulatory and legal mechanism of public financial management in the field of compulsory state pension insurance in Ukraine is determined by: the Constitution of Ukraine, laws of Ukraine, regulatory legal acts of the President and the Government, international agreements and treaties. Based on the analysis, it was concluded that in order to solve the identified problems of the regulatory mechanism of public financial management in the field of compulsory state pension insurance in Ukraine, it was established that the prospects for its improvement are primarily associated with the systematization of pension legislation; development and application of unified scientifically grounded methodological approaches to legal regulation in the field of pension provision, taking into account the provisions of international legal acts, world experience and compliance with the principle of social justice; bringing the current regulatory legal acts in line with the basic laws governing the financing of pensions and the delineation of sources of coverage. Prospects for further research in this direction should relate to proposals for improving other mechanisms of public financial management in the field of compulsory state pension insurance in Ukraine.