00:00Today, the pay-as-you-go pension system is already creating a future problem.
00:04Its logic is that today's workers fund the pensions of current retirees through their
00:09contributions. That is, the money a worker pays in the form of Social Security contributions
00:13is not saved and does not accumulate for him personally. Roughly speaking, it is a pyramid
00:20scheme. Your generation supports your parents' generation, and the next generation will support
00:26you. Of course, if it exists. However, if the number of workers is shrinking while the number
00:33of retirees is growing, that means in the future there will potentially be fewer people paying
00:38taxes and Social Security contributions, and more people who need to be supported by the
00:43pension system. The nation is aging, and this process is taking place alongside a catastrophically
00:49low birth rate. The UN ranks Ukraine among the countries with the lowest birth rates in
00:54the world. The rate has dropped to one child per woman. Thank you.
