Demography and social economy, 2012, 2(18):95-102
doi: https://doi.org/10.15407/dse2012.02.095

NOVAK I.M.
Ph.D., Ptoukha Institute for demography and social studies of the National Academy of Sciences of Ukraine

FORMATION OF INSURANCE RISK COMPENSATION MECHANISMS OF EMPLOYER INSOLVENCY
Section: Social policy.
Language: Ukrainian
Abstract: Activity of the business in a market economy is directly related to the existence of uncertainty and complex risks, which arise in cases where the commercial and economic activities of the company are less successful than before or than expected. In this context, the risk of insolvency of the employer in terms of a financial risk associated with the inability to fulfill financial obligations to employees. Insolvency of the employer leads to the arising of income loss risk in labor relations and the emergence of wage arrears to employees. The problem of debts on wages accompanies the process of establishing a national state in Ukraine during the whole period of independence, and the conditions for their elimination does not provide the traditional methods of administrative impact on employers (debtors), as well as the positive economic dynamics. The most effective way to protect against the risks of an economic nature is the formation mechanisms of insurance their compensation, as more than half of the wage arrears falls on debts of economically active enterprises.
The aim of this research is to identify the main priorities of the formation mechanisms of compensation insurance risk of insolvency of the employer for the realisation of the right to timely payment for labor. In world practice, there are two approaches for regulation of this issue – protection with privileges when employees has a special rights in the attitudes with creditors during the proceedings in bankruptcy, and the guarantee of payment, which is realized through the creation of specialized guarantee institutions to compensate the loss of income to the employees at the case of insolvency of the employer.
One of the main differences between the institutes of guarantee and privileges is the principle of collective responsibility – for the case of protection by a privilege, each employer is individually responsible for their own insolvency (within the limits of its existing holdings resources), while the functioning of guarantee institution provides for a distribution of risk of insolvency among all employers.
Practical applications of the institute of privileges in Ukraine during the proceedings in bankruptcy show the problems related to insufficient of existing holdings resources of the employer for satisfaction of employees’ requirements and existence of a primary priority of claims secured by pledge.
The formation mechanisms of compensation insurance risk of insolvency of the employer to ensure the right to timely payment for labor and the elimination of wage arrears requires the ratification of the norms of section 3 of the ILO Convention №173 on the protection by guaranteeing institution. The next step should be to create a Fund of guarantee employees’ claims at the case of insolvency of the employer, the legal definition of the rules of its organization, financing and functioning etc. This guarantee institution should work as a state, economically independent, specialized non-profit organization, and its financial resources should not be included in the State Budget of Ukraine.
Key words: wage arrears, requirements of the worker, insolvency of employer, bankruptcy, guarantee institution.
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