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Financial Analytics: Science and Experience
 

Financial support to the social policy in the current conditions

Vol. 9, Iss. 37, OCTOBER 2016

PDF  Article PDF Version

Received: 20 September 2016

Received in revised form: 26 September 2016

Accepted: 6 October 2016

Available online: 19 October 2016

Subject Heading: MONITORING OF ECONOMIC PROCESSES

JEL Classification: G23, G28, H53, H61

Pages: 2-12

Denisova I.P. Rostov State University of Economics, Rostov-on-Don, Russian Federation
denis8663@mail.ru

Rukina S.N. Rostov State University of Economics, Rostov-on-Don, Russian Federation
ya.svetlana-41@ya.ru

Importance Considering its own specifics, every country forms its social policy model. It will not be effective without financial backup, which is effectuated through social security and social support. In new economic and geopolitical conditions, Russia faces a number of factors that affect the state of public finance. In this respect, it necessitates researches into issues of social policy finance.
Objectives Having analyzed meaningful features of social security and social support, we review their specifics and possible areas for improvement, propose a version of social policies for private business that adapted to new business conditions.
Methods The research involves general scientific methods of cognition, i.e. observation, comparison, synthesis, systems and logic and semantic analysis. They helped describe the social risk, systems of social security and social support, demonstrate their specifics and prospects for their development in Russia, and consider social programs as a form of social responsibility of businesses.
Results The research substantiates why mechanisms for finance of social security and social support should be separated, thus allowing for budgetary consolidation and balancing of the fiscal system of the Russian Federation.
Conclusions and Relevance Social security should ensure reliable and appropriate protection of the employed (insured) citizens, while social security measures work for individuals who are really in need. Fiscal burden may be reduced if organizations implement social programs. If social security and social support are improved through reforms of remuneration and tax systems, it will streamline processes of socially-oriented economy. The findings expand theoretical views of social security, social support and can be used to articulate public financial and fiscal policies.

Keywords: social policy, social risk, social insurance, social support, social responsibility, business

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