The Efficiency of Social Policy in Ukraine: Challenges and Prospects

Abstract

: Th e article considers pertinent issues related to social policymaking and its implementation in Ukraine. Emphasis is placed on remuneration as the key element of ensuring citizens’ welfare and economic development of the state. Remuneration plays one of the most important roles in the economic system and ensuring a decent standard of living. Th e wage refl ects the employee’s welfare level and should be correlated with the qualifi cation level and productivity in the production spheres or determined according to the set qualifi cation criteria, quality assessment system and effi ciency of employees in non-production spheres. Low remuneration standards and low correlation between wages and productivity aff ect the motivation of the workforce and reduce its economic and labour activity. Th e analysis of the minimum wage and subsistence level as the categories defi ning the status and directions of economic and social policy of the state has been performed. Th e minimum wage has a decisive infl uence on many social and economic processes. fi and economic Th e wage directly aff ects the volume and structure of the expenditure part of state and local bud-gets, it is one of the basic elements for making the payroll of budgetary institutions and organizations. For business structures, the minimum wage is an indicator that refl ects the economic and social policy of state, a category that aff ects their current business activities and the production and fi nancial strategy making.