Ways to Improve the Level of Pension Coverage for Population of Southern Federal District

The problem of pension coverage of the population remains one of the most acute in the socio-economic policy of Russia. Despite universal pension coverage, significant inequality still exists in the level of protection against pension risks for citizens. As a result, there is a high share of poverty among pensioners, especially in regions with low incomes and weak economies. To identify the features of the formation of pension inequality and its impact on the level of pension coverage in the regions, the Southern Federal District was chosen. This district is of particular interest for the study, since it combines both economically developed territories (Krasnodar Krai, Rostov Region) and regions with a more complicated socio-economic situation (Republic of Kalmykia, Republic of Adygea). The study of pension coverage in the Southern Federal District helps identify key institutional and economic factors influencing the standard of living for pensioners. The analysis of pension coverage indicators in the regions of the Southern Federal District revealed a significant discrepancy between the formal indicators and the real state of affairs. The leaders in pension size (Sevastopol, Volgograd Region) do not coincide with regions with the best income replacement rate (Kalmykia, Adygea), and regions with a high replacement rate have a minimal difference with the indicator characterizing the proximity of pensions to the poverty line. This demonstrates the need to review regional practices of pension coverage of the population and develop a set of measures that take into account the unique environment of the region in combination with the use of universal practices.