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  1. Labor market and distributional effects of an increase in the retirement age
    Author: Geyer, Johannes; Haan, Peter; Hammerschmid, Anna; Peters, Michael
    Published: 2018
    Publisher:  DIW Berlin, German Institute for Economic Research, Berlin

    We evaluate the labor market and distributional effects of an increase in the early retirement age (ERA) from 60 to 63 for women. We use a regression discontinuity design which exploits the immediate increase in the ERA between women born in 1951 and... more

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    We evaluate the labor market and distributional effects of an increase in the early retirement age (ERA) from 60 to 63 for women. We use a regression discontinuity design which exploits the immediate increase in the ERA between women born in 1951 and 1952. The analysis is based on the German micro census which includes about 370,000 households per year. We focus on heterogeneous labor market effects on the individual and on the household level and we study the distributional implications using net household income. In this respect we extend the previous literature which mainly studied employment effects on the individual level. Our results show sizable labor market effects which strongly differ by subgroups. We document larger employment effects for women who cannot rely on other income on the household level, e.g. women with a low income partner. The distributional analysis shows on average no significant effects on female or household income. This result holds as well for heterogeneous groups: Even for the most vulnerable groups, such as single women, women without higher education, or low partner income, we do not find significant reductions in income. One reason for this result is program substitution.

     
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    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/180640
    Series: Discussion papers / Deutsches Institut für Wirtschaftsforschung ; 1741
    Subjects: retirement age; pension reform; labor supply; early retirement; distributional effects; spillover effects; household
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  2. Endogenous retirement behavior of heterogeneous households under pension reforms
    Author: Börsch-Supan, Axel; Härtl, Klaus; Leite, Duarte; Ludwig, Alexander
    Published: [2018]
    Publisher:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    We propose a unified framework to measure the effects of different reforms of the pension system on retirement ages and macroeconomic indicators in the face of demographic change. A rich overlapping generations (OLG) model is built and endogenous... more

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    We propose a unified framework to measure the effects of different reforms of the pension system on retirement ages and macroeconomic indicators in the face of demographic change. A rich overlapping generations (OLG) model is built and endogenous retirement decisions are explicitly modeled within a public pension system. Heterogeneity with respect to consumption preferences, wage profiles, and survival rates is embedded in the model. Besides the expected direct effects of these reforms on the behavior of households, we observe that feedback effects do occur. Results suggest that individual retirement decisions are strongly influenced by numerous incentives produced by the pension system and macroeconomic variables, such as the statutory eligibility age, adjustment rates, the presence of a replacement rate, and interest rates. Those decisions, in turn, have several impacts on the macro-economy which can create feedback cycles working through equilibrium effects on interest rates and wages. Taken together, these reform scenarios have strong implications for the sustainability of pension systems. Because of the rich nature of our unified model framework, we are able to rank the reform proposals according to several individual and macroeconomic measures, thereby providing important support for policy recommendations on pension systems.

     
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    Other identifier:
    hdl: 10419/181657
    Edition: This draft: 25 April 2018
    Series: SAFE working paper ; no. 221
    Subjects: Population aging; pension reform; social security; life-cycle behavior; labor supply; retirement age; welfare
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  3. The health-consumption effects of increasing retirement age late in the game
    Author: Caroli, Eve; Pollak, Catherine; Roger, Muriel
    Published: [2022]
    Publisher:  Centre d'économie de la Sorbonne, Paris

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    Series: Documents de travail du Centre d'économie de la Sorbonne ; 2022, 17
    Subjects: pension reform; retirement age; health; health-care consumption
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  4. Männer und der Übergang in die Rente
    Vierter Deutscher Männergesundheitsbericht der Stiftung Männergesundheit
    Author: Bardehle, Doris; Bonsang, Eric; Brandt, Martina
    Published: 2020; © 2020
    Publisher:  Psychosozial-Verlag, Gießen

    Bis zum Jahr 2050 wird es etwa 23 Millionen über 65-Jährige in Deutschland geben. Dadurch wird es gesellschaftlich wie individuell zunehmend notwendig, gute Voraussetzungen für das Rentenalter als Lebensphase zu schaffen. Um es bei guter Gesundheit... more

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    Bis zum Jahr 2050 wird es etwa 23 Millionen über 65-Jährige in Deutschland geben. Dadurch wird es gesellschaftlich wie individuell zunehmend notwendig, gute Voraussetzungen für das Rentenalter als Lebensphase zu schaffen. Um es bei guter Gesundheit und Lebensqualität zu verbringen, sollte bereits die Zeit vor dem Übergang zur Vorbereitung genutzt werden. Insbesondere Männer, die sich oft stark mit ihrer Berufstätigkeit identifizieren, sind gefordert, ein hohes Gesundheitspotenzial und gute soziale Bedingungen verantwortungsbewusst aufzubauen. Der Vierte Deutsche Männergesundheitsbericht setzt bei einer fundierten Bestandsaufnahme der Situation der Männer zwischen 55 und 74 Jahren an. Aus ihr ergeben sich wichtige Themen für die Politik, für die Soziale Arbeit und für den gesellschaftlichen Diskurs insgesamt: die Situation der Erwerbsarbeit zehn Jahre vor der Berentung, die Übergangsphase sowie gesundheitsfördernde Projekte für Männer vor und nach dem Renteneintritt. Mit Beiträgen von Doris Bardehle, Eric Bonsang, Daniela Borchart, Martina Brandt, Jennifer Burchardi, Christian Deindl, Dina Frommert, Freya Geishecker, Siegfried Geyer, Stefan Gruber, Felizia Hanemann, Hans Martin Hasselhorn, Moritz Hess, Jens Hoebel, Hanno Hoven, Rainer Jordan, Hendrik Jürges, Theo Klotz, Adèle Lemoine, Michal Levinsky, Howard Litwin, Peggy Looks, Thorsten Lunau, Ingrid Mayer-Dörfler, Anne Maria Möller-Leimkühler, Niels Michalski, Bernhard Mühlbrecht, Laura Naegele, Nikola Ornig, Kathleen Pöge, Jean-Baptist du Prel, Gregor Sand, Alina Schmitz, Johannes Siegrist, Stefanie Sperlich, Anne Starker, Matthias Stiehler und Morten Wahrendorf

     
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    Source: Union catalogues
    Contributor: Jürges, Hendrik (HerausgeberIn); Siegrist, Johannes (HerausgeberIn); Stiehler, Matthias (HerausgeberIn)
    Language: German
    Media type: Ebook
    Format: Online
    ISBN: 9783837977042
    Other identifier:
    RVK Categories: MS 6020
    Series: Forschung psychosozial
    Subjects: Older men; Retirees; Retirement; Men's Health; Men; Hommes; men (male humans); Europa; Gesellschaft; Geschlechterforschung; Alter; Generation; Erwerbsarbeit; Rentenalter; Geschlecht; Altern; corporation; aging; old age; gender; Europe; gender research; generation; gainful work; retirement age
    Scope: 1 Online-Ressource (296 Seiten), Diagramme
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    Literaturangaben
  5. Special pensions in the EU
    Author: Eckefeldt, Per; Pătărău, Anda
    Published: 2020
    Publisher:  Publications Office of the European Union, Luxembourg

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    Language: English
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    ISBN: 9789276111931
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    Series: Array ; 125 (April 2020)
    Subjects: Pensions; public sector pensions; ageing population; public expenditure; structural reforms; retirement age; older workers; longevity risk; arduous and hazardous work
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  6. Population ageing and the impact of later retirement on the pension system in China
    an applied dynamic general equilibrium analysis
    Author: Zuo, Xuejin; Peng, Xiujian; Yang, Xin; Adams, Philip D.; Wang, Meifeng
    Published: [2020]
    Publisher:  Centre of Policy Studies, Victoria University, Melbourne, Victoria

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    ISBN: 9781921654114
    Series: CoPS working paper ; no. G-303 (April 2020)
    Subjects: Population ageing; retirement age; labour force participation; pension; economic growth; CGE model
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  7. Age-targeted income taxation, labor supply, and retirement
    Author: Gustafsson, Johan
    Published: March 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper studies the life-cycle effects of favorable marginal tax treatment of older workers on their optimal life cycle labor supply, retirement timing, and savings. I develop a structural model in continuous time where the life-cycle of a... more

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    This paper studies the life-cycle effects of favorable marginal tax treatment of older workers on their optimal life cycle labor supply, retirement timing, and savings. I develop a structural model in continuous time where the life-cycle of a representative agent is divided into three distinct phases: pre-treatment, post-treatment, and retirement. Solutions for consumption/savings, labor supply/leisure, and retirement timing are then obtained by solving the model as a salvage value problem. I then calibrate the model to Swedish earnings data and find that the increased extensive margin labor supply is partially offset by a reduction in hours worked during the pre-treatment period. The total effect is however an increase in life-cycle labor supply and consumption.

     
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    Other identifier:
    hdl: 10419/235358
    Series: CESifo working paper ; no. 8988 (2021)
    Subjects: retirement age; life cycle; tax heterogeneity; savings consumption; leisure
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  8. Introducing flexible retirement
    a dynamic model
    Author: Simonovits, András
    Published: [2021]
    Publisher:  Institute of Economics, Centre for Economic and Regional Studies, Budapest

    Typically economists arguing for flexible (or variable) retirement age, but they rely on steady state analysis. In this paper we consider the replacement of a mandatory retirement system with a flexible one in real time. We show that even if early... more

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    Typically economists arguing for flexible (or variable) retirement age, but they rely on steady state analysis. In this paper we consider the replacement of a mandatory retirement system with a flexible one in real time. We show that even if early retirement is duly punished, diminishing the effective retirement age by 1 year raises the first year's and the total expenditures during transition by 8% and 70% of the original annual expenditure, respectively.

     
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    Language: English
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    Other identifier:
    hdl: 10419/237553
    Series: CERS-IE working papers ; CERS-IE WP - 2021, 9 (February 2021)
    Subjects: retirement age; flexible retirement age; variable retirement age; transition cost
    Scope: 1 Online-Ressource (circa 19 Seiten), Illustrationen
  9. Towards a better life?
    assessing some initial effects of Russian pension reform
    Author: Rodina, Arina
    Published: 2021
    Publisher:  Higher School of Economics Publ. House, Moscow

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    Other identifier:
    hdl: 11159/5287
    Series: Array ; WP3/2021, 04
    Subjects: pension reform; retirement age; economic sentiment; subjective well-being; difference-in-differences method; synthetic control method
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  10. Occupation-based life expectancy
    actuarial fairness in determining statutory retirement age
    Author: Deeg, Dorly; De Tavernier, Wouter; Breij, Sascha de
    Published: [2021]
    Publisher:  Netspar, Network for Studies on Pensions, Aging and Retirement, [Tilburg]

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    Series: Array ; 2021, 018 (8)
    Subjects: retirement age; occupation; longevity; health; longitudinal study
    Scope: 1 Online-Ressource (circa 12 Seiten), Illustrationen
  11. Intergenerational actuarial fairness when longevity increases
    amending the retirement age
    Author: Bravo, Jorge Miguel Ventura; Ayuso, Mercedes; Holzmann, Robert; Palmer, Edward E.
    Published: November 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Continuous longevity improvements and population ageing have led countries to modify national public pension schemes by increasing the standard and early retirement ages in a discretionary, scheduled, or automatic way, and by making it harder for... more

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    Continuous longevity improvements and population ageing have led countries to modify national public pension schemes by increasing the standard and early retirement ages in a discretionary, scheduled, or automatic way, and by making it harder for people to retire prematurely. To this end, countries have adopted alternative retirement age strategies, but our analyses show that the measures taken are often poorly designed and consequently misaligned with the pension scheme’s ultimate goals. In addition, our analyses demonstrate that countries risk falling short of their goals given their use of projection methods that underestimate life expectancy. This paper discusses how to implement automatic indexation of the retirement age to life expectancy developments while respecting the principles of intergenerational actuarial fairness and neutrality among generations. We show that in policy designs in which extended working lives translate into additional pension entitlements, the pension age must be automatically updated to keep the period in retirement constant. Alternatively, policy designs that pursue a fixed replacement rate are consistent with retirement age policies targeting a constant balance between active years in the workforce and years in retirement. The empirical strategy employed to project the relevant cohort life expectancy uses a Bayesian Model Ensemble approach to stochastic mortality modelling to generate forecasts of intergenerationally and actuarially fair pension ages for 23 countries and regions from 2000 to 2050. The empirical results show that the pension age increases needed to accommodate the effect of longevity developments on pay-as-you-go equilibrium and to reinstate equity between generations are sizeable and well beyond those employed and/or legislated in most countries. A new wave of pension reforms may be at the doorsteps.

     
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    hdl: 10419/248953
    Series: CESifo working paper ; no. 9408 (2021)
    Subjects: retirement age; actuarial fairness; intergenerational neutrality; pensions; Bayesian Model Ensemble; population ageing
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  12. The health-consumption effects of increasing retirement age late in the game
    Author: Caroli, Eve; Pollak, Catherine; Roger, Muriel
    Published: March 2023
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    Using the differentiated increase in retirement age across cohorts introduced by the 2010 French pension reform, we estimate the health-consumption effects of a 4-month increase in retirement age. We focus on individuals who were close to retirement... more

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    Using the differentiated increase in retirement age across cohorts introduced by the 2010 French pension reform, we estimate the health-consumption effects of a 4-month increase in retirement age. We focus on individuals who were close to retirement age but not retired yet by the time the reform was passed. Using administrative data on individual sick-leave claims and non-hospital health-care expenses, we show that the probability of having at least one sickness absence increases for all treated groups, while the overall number of sick days remains unchanged, conditional on having a sick leave. Delaying retirement does not increase the probability of seeing a GP, except for men in the younger cohorts. In contrast, it raises the probability of having a visit with a specialist physician for all individuals, except men in the older cohorts. Delaying retirement also increases the probability of seeing a physiotherapist among women from the older cohorts. Overall, it increases health expense claims, in particular in the lower part of the expenditure distribution.

     
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    hdl: 10419/272625
    Series: Discussion paper series / IZA ; no. 15998
    Subjects: pension reform; retirement age; health; health-care consumption
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  13. Does raising the pension age prolong working life?: evidence from pension age reform in Estonia
    Author: Soosaar, Orsolya; Puur, Allan; Leppik, Lauri
    Published: 2020
    Publisher:  Eesti Pank, Tallinn

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    ISBN: 9789949606702
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    Series: Working paper series / Eesti Pank ; 3,2020
    Subjects: retirement age; older workers; employment
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  14. "Earned, not given"?
    the effect of lowering the full retirement age on retirement decisions
    Author: Dolls, Mathias; Krolage, Carla
    Published: May 2023
    Publisher:  CESifo, Munich, Germany

    This paper analyzes behavioral responses to a 2014 reform in the German public pension system that lowered the full retirement age (FRA) of individuals with a long contribution history by up to two years and framed the new FRA as reference age for... more

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    This paper analyzes behavioral responses to a 2014 reform in the German public pension system that lowered the full retirement age (FRA) of individuals with a long contribution history by up to two years and framed the new FRA as reference age for retirement. Using administrative data from public pension insurance accounts, we first document a substantial bunching response at the FRA exceeding the control group's bunching by 83%. Second, we show in a difference-in-difference setting that a 1.0 year decrease in the FRA leads to a reduction in the average pension claiming age by 0.3-0.4 years. Treated individuals neither have poorer health nor are more likely to be liquidity-constrained than individuals in the control group. Our results suggest that the strong responses to the reform are driven both by the new FRA serving as a reference point and by financial incentives. Estimated fiscal costs of the reform are at the upper end of the range of previous back-of-the-envelope calculations.

     
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    hdl: 10419/279169
    Series: CESifo working papers ; 10420 (2023)
    Subjects: retirement age; early retirement; pension reform
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  15. "Earned, not given"?
    the effect of lowering the full retirement age on retirement decisions
    Author: Dolls, Mathias; Krolage, Carla
    Published: May 2023
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    This paper analyzes behavioral responses to a 2014 reform in the German public pension system that lowered the full retirement age (FRA) of individuals with a long contribution history by up to two years and framed the new FRA as reference age for... more

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    This paper analyzes behavioral responses to a 2014 reform in the German public pension system that lowered the full retirement age (FRA) of individuals with a long contribution history by up to two years and framed the new FRA as reference age for retirement. Using administrative data from public pension insurance accounts, we first document a substantial bunching response at the FRA exceeding the control group's bunching by 83%. Second, we show in a difference-in-difference setting that a 1.0 year decrease in the FRA leads to a reduction in the average pension claiming age by 0.3-0.4 years. Treated individuals neither have poorer health nor are more likely to be liquidity-constrained than individuals in the control group. Our results suggest that the strong responses to the reform are driven both by the new FRA serving as a reference point and by financial incentives. Estimated fiscal costs of the reform are at the upper end of the range of previous back-of-theenvelope calculations.

     
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    hdl: 10419/272743
    Series: Discussion paper series / IZA ; no. 16116
    Subjects: retirement age; early retirement; pension reform
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  16. The trouble with inactivity
    Author: Machin, Stephen; Wadsworth, Jonathan
    Published: [2023]
    Publisher:  Centre for Economic Performance, London School of Economics and Political Science, London

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    Series: Occasional paper / Centre for Economic Performance ; No. 59 (July 2023)
    Subjects: UK economic inactivity rate; growth; wages; retirement age
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  17. Time is money
    could deferred graduate retirement finance higher education?
    Author: Barakat, Bilal
    Published: 2011
    Publisher:  Vienna Inst. of Demography, Vienna

    Higher education is never free - the question is: who should pay for it? Current policy debates in Europe are increasingly focusing on raising the share of private funding. To date, policy discussions have centred on a relatively small number of... more

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    Higher education is never free - the question is: who should pay for it? Current policy debates in Europe are increasingly focusing on raising the share of private funding. To date, policy discussions have centred on a relatively small number of alternatives, namely full public funding, tuition fees, either up-front or delayed and income-contingent, or a surtax on graduate incomes. Here, I present an alternative that, to my knowledge, has not been suggested previously, but sidesteps some important objections against other forms of private contributions. The basic idea explored here is to increase the statutory retirement age for higher education graduates relative to non-graduates. In principle, the resulting decrease in future public pension liabilities can be converted into increased funds for present spending on higher education. In this first discussion of the above proposal I consider important caveats, perform an order-of-magnitude estimate of financial feasibility, i.e. whether deferred graduate retirement (DGR) could potentially raise sufficient funds to replace tuition fees, and discuss advantages and disadvantages compared to more established policy options. I conclude that, at least in the European context, DGR is potentially feasible both financially and politically, has a number of desirable properties compared to the alternatives, and deserves more serious investigation.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/96966
    Series: Working papers / Vienna Institute of Demography ; 5/2011
    Subjects: Flexible Altersgrenze; Akademiker; Hochschulfinanzierung; Verteilungswirkung; Studierende; Österreich; Higher education; cost-sharing; retirement age
    Scope: Online-Ressource (PDF-Datei: 19 S.)
  18. Incentives to retire later : a solution to the social security crisis?
    Author: Breyer, Friedrich; Kifmann, Mathias
    Published: 2001
    Publisher:  Deutsches Institut für Wirtschaftsforschung (DIW), Berlin

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  19. Incentives to retire later
    a solution to the social security crisis?
    Author: Breyer, Friedrich; Kifmann, Mathias
    Published: 2001
    Publisher:  DIW, Berlin

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  20. On welfare effects of increasing retirement age
    Author: Makarski, Krzysztof; Tyrowicz, Joanna
    Published: March 2018
    Publisher:  IZA, Bonn, Germany

    We develop an OLG model with realistic assumptions about longevity to analyze the welfare effects of raising the retirement age. We look at a scenario where an economy has a pay-as-you-go defined benefit scheme and compare it to a scenario with... more

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    We develop an OLG model with realistic assumptions about longevity to analyze the welfare effects of raising the retirement age. We look at a scenario where an economy has a pay-as-you-go defined benefit scheme and compare it to a scenario with defined contribution schemes (funded or notional). We show that, initially, in both types of pension system schemes the majority of welfare effects comes from adjustments in taxes and/or prices. After the transition period, welfare effects are predominantly generated by the preference for smoothing inherent in many widely used models. We also show that although incentives differ between defined benefit and defined contribution systems, the welfare effects are of comparable magnitude under both schemes. We provide an explanation for this counter-intuitive result.

     
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    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/180459
    Series: Discussion paper series / IZA ; no. 11441
    Subjects: longevity; PAYG; retirement age; pension system reform; welfare
    Scope: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  21. On the political feasibility of increasing the legal retirement age
    Author: Bittschi, Benjamin; Wigger, Berthold U.
    Published: [2019]
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Within a politico-economic model we first establish three hypotheses: (i) Retirees generally prefer a higher retirement age than workers, whereby just retired individuals prefer the highest retirement age, (ii) in equilibrium the level of the legal... more

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    Within a politico-economic model we first establish three hypotheses: (i) Retirees generally prefer a higher retirement age than workers, whereby just retired individuals prefer the highest retirement age, (ii) in equilibrium the level of the legal retirement age is increasing in longevity and (iii) decreasing in the public pension replacement rate. We then test these hypotheses empirically. Employing micro data for Germany we corroborate the first hypothesis with descriptive regressions and a fuzzy regression discontinuity (FRD) design. We show that just retired individuals are indeed most in favor of an increase in the legal retirement age. On the basis of cross country panel IV regressions we provide evidence for the second and third hypothesis. We demonstrate that a one percentage point increase in the share of the elderly increases the legal retirement age by 0.3 to 0.5 years, and that a 10 percentage point increase in the replacement rate reduces the legal retirement age by 0.5 to 3 years. We conclude that if policy contains the generosity of public pensions, increasing the legal retirement age becomes politically more feasible.

     
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    Language: English
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    Format: Online
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    hdl: 10419/198852
    Series: Array ; no. 7492 (January 2019)
    Subjects: retirement age; pension reform; longevity; replacement rate
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  22. The economics of sharing macro-longevity risk
    Author: Broeders, Dirk; Mehlkopf, Roel; Ool, Annick van
    Published: [2018]
    Publisher:  De Nederlandsche Bank NV, Amsterdam, the Netherlands

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    Series: Working paper / De Nederlandsche Bank NV ; no. 618 (December 2018)
    Subjects: Macro-longevity risk; risk sharing; welfare analysis; retirement age
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  23. Coping with demographic change: macroeconomic performance and welfare inequality effects of public pension reform
    Author: Devriendt, Willem; Heylen, Freddy
    Published: 2018
    Publisher:  Ghent University, Faculty of Economics and Business Administration, Ghent

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    Format: Online
    Series: Working paper / Faculty of Economics and Business Administration ; 948 (2018)
    Subjects: demographic change; population ageing; pension reform; retirement age; heterogeneous abilities; inequality; overlapping generations
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  24. Designing pension benefits when longevities increase with wages
    = Hogyan tervezzük a nyugdíjjáradék-függvényt, ha a halandóság a kereset csökkenő függvénye?
    Author: Simonovits, András
    Published: February 2018
    Publisher:  Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences, Budapest

    At the design of public pension systems, the designers frequently neglect that higher earners statistically live longer, and possibly also retire later. Since the first difference has recently been rising steeply, this negligence is less and less... more

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    At the design of public pension systems, the designers frequently neglect that higher earners statistically live longer, and possibly also retire later. Since the first difference has recently been rising steeply, this negligence is less and less tolerable, especially with nonfinancial defined contribution system (NDC). We analyze three simple connected pension models to understand how the redistribution from the low-earners to the high-earners can be reduced or reversed. Our answers: either mixing NDC and flat benefit or reducing the weight of wage indexation of benefits. It is an open question how the neglected behavioral reactions (lower share of NDC implies lower labor supply and greater tax evasion) influence the social welfare.

     
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    hdl: 10419/222017
    Series: Discussion papers / Centre for Economic and Regional Studies, Hungarian Academy of Sciences ; MT-DP - 2018, 4
    Subjects: public pension system; retirement age; wage indexation; wage-dependent life expectancy
    Scope: 1 Online-Ressource (circa 19 Seiten)
  25. Aging and pension reform
    extending the retirement age and human capital formation
    Author: Vogel, Edgar; Ludwig, Alexander; Börsch-Supan, Axel
    Published: 2014
    Publisher:  SAFE, Frankfurt am Main

    Projected demographic changes in industrialized and developing countries vary in extent and timing but will reduce the share of the population in working age everywhere. Conventional wisdom suggests that this will increase capital intensity with... more

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    Projected demographic changes in industrialized and developing countries vary in extent and timing but will reduce the share of the population in working age everywhere. Conventional wisdom suggests that this will increase capital intensity with falling rates of return to capital and increasing wages. This decreases welfare for middle aged asset rich households. This paper takes the perspective of the three demographically oldest European nations - France, Germany and Italy - to address three important adjustment channels to dampen these detrimental effects of aging in these countries: investing abroad, endogenous human capital formation and increasing the retirement age. Our quantitative finding is that endogenous human capital formation in combination with an increase in the retirement age has strong implications for economic aggregates and welfare, in particular in the open economy. These adjustments reduce the maximum welfare losses of demographic change for households alive in 2010 by about 2.2 percentage points in terms of a consumption equivalent variation.

     
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    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/106506
    Edition: This version: December 29, 2014
    Series: SAFE working paper series ; 82
    SAFE Working Paper ; No. 82
    Subjects: population aging; human capital; welfare; pension reform; retirement age; open economy
    Scope: Online-Ressource (44 S.), graph. Darst.