Enhancement of the professional competence of specialists who form an accumulative pension system based on social responsibility

Economic Annals-ХХI: Volume 191, Issue 7-8(1), Pages: 138-146

Citation information:
Achkasova, S., Nagaivska, D., Sotnikova, Yu., Bolotova, O., & Koinash, M.  (2021). Enhancement of the professional competence of specialists who form an accumulative pension system based on social responsibility. Economic Annals-XXI, 191(7-8(1)), 138-146. doi: https://doi.org/10.21003/ea.V191-11

Svitlana Achkasova
PhD (Economics),
Associate Professor
Simon Kuznets Kharkiv National University of Economics
9а Nauky Ave., Kharkiv, 61166, Ukraine
svitlana.achkasova@hneu.net
ORCID ID: https://orcid.org/0000-0001-7233-0189

Daria Nagaivska
PhD (Economics),
Simon Kuznets Kharkiv National University of Economics
9а Nauky Ave., Kharkiv, 61166, Ukraine
d.nagayivska@gmail.com
ORCID ID: https://orcid.org/0000-0003-1555-0307

Yuliia Sotnikova
PhD (Economics),
Associate Professor,
Simon Kuznets Kharkiv National University of Economics
9а Nauky Ave., Kharkiv, 61166, Ukraine
yuliia.sotnikova@hneu.net
ORCID ID: https://orcid.org/0000-0001-9058-7746

Olena Bolotova
PhD (Economics),
Simon Kuznets Kharkiv National University of Economics
9а Nauky Ave., Kharkiv, 61166, Ukraine
olena.bolotova@hneu.net
ORCIDID: https://orcid.org/0000-0003-4354-4748

Maryna Koinash
MA (Economics),
Lecturer,
Department of Statistics and Economic Forecasting,
Simon Kuznets Kharkiv National University of Economics
9а Nauky Ave., Kharkiv, 61166, Ukraine
koinash.m@ukr.net
ORCID ID: https://orcid.org/0000-0002-7843-5595

Enhancement of the professional competence of specialists who form an accumulative pension system based on social responsibility

Abstract. The purpose of the study is to determine the areas of increasing the social responsibility of the private pension funds (NPF) based on the growth of professional competence of specialists in the formation of the system of funded pension provision through the risk-based government regulation and supervision. The article proposes an improved definition of the social responsibility of the subjects of the accumulative pension system and determines the qualitative indicators of their social responsibility.

An analysis of the work experience of pension funds in Thailand, Brazil, the United States, Norway and the South Africa allows us to conclude that the main areas of increasing social responsibility are to ensure decent and safe working conditions, environmental safety, absence of corruption and violation of the ethical and legal norms. It is proved that the subjects of the accumulative pension system should act on the basis of corporate governance and be guided by the OECD principles of corporate governance. According to the best foreign practices, improving the competence of pension fund employees is one of the main areas of the social responsibility.

To determine the directions of increasing the social responsibility of the subjects of the accumulative pension system, an expert survey was conducted. Based on the results of the study, it is substantiated that the main direction is to increase the professional competence of specialists in the formation of a funded pension system based on risk-oriented state regulation and supervision.

Keywords: Private Pension Fund; Accumulative Pension System Subjects; Pension Provision; Social Responsibility; Advanced Training

JEL Classification: Н55; J24

Acknowledgements and Funding: The authors received no direct funding for this research.

Contribution: The authors contributed equally to this work.

Data Availability Statement: The dataset is available from the authors upon request.

DOI: https://doi.org/10.21003/ea.V191-11

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Received 26.03.2021
Received in revised from 26.05.2021
Accepted 12.06.2021
Available online 10.08.2021