The subject of this study is the conceptual framework and practices of social policy. The purpose of the study is to justify the author's interpretation of social policy in modern conditions. Its main results are, first, the proof of the inconsistency of the conceptual foundations and practices of social policy of the old welfare states, which, confronted at the turn of the century with the phenomenon of stagnant poverty of the working population, was unable to fulfill its basic mission - to ensure socio-economic and political stability in society. Secondly, the justification for the need to search for new paradigmatic grounds for social policy: "modernization" and "further improvement" was completely inadequate. Third, a critical analysis of the different approaches and methods for determining what should be the criteria for the official recognition of the individual's poverty and which groups of the population should first receive state social transfers. Fourthly, it is shown that under Russian conditions the concept of "quality of life" is actively used as a political slogan - however, the concept and methods of an integrated assessment of the quality of life are in fact inapplicable for identifying target groups of social policy. Based on these provisions, the author's interpretation of the modern paradigm of social policy is formulated.