van Groezen, Leers and Meijdam (2003) (for short, GLM) analyzed combination of public pension and child support in an OLG model. We impose credit constraint on workers, and extend GLM's analysis from the case where workers do not understand the cost also to the case where they do. GLM's infinite...

This paper provides empirical evidence on the effect of changing the retirement age on employment. Base on individual data from Hungary, a country where a number of hikes increased the retirement age between 1997 and 2009, this analysis benefits from substantial variation in pension eligibility...

We exploit a comprehensive restructuring of the early retirement system in Norway in 2011 to examine labor supply responses to alternative pension reform strategies relying on improved work incentives (flexibility) or increased access ages (prescription), respectively. We find that increasing...

Demographic change inevitably shifts the balance between contributors and recipients in the pension system. Moreover, in the German pension system benefit levels are closely linked to the current state of economic prosperity. Therefore, in the coming decades stabilisation of old-age security...

Thanks to the reform process between 1992 and 2007, Germany was in a very good position to master demographic change. These reforms were farsighted, they stabilised the public pension system and they significantly increased employment, the foundation of every old age provision. The 'Pension...

This article examines recent pension reforms in OECD countries. All countries are facing the challenge of designing both financially and socially sustainable pension policies in a context of weak economic growth, low financial returns and ageing populations. In some cases, countries have been...

In general, retirement is seen as a pure labor supply phenomenon, but firms can have strong incentives to send expensive older workers into retirement. Based on the seniority wage model developed by Lazear (1979), we discuss steep seniority wage profiles as incentives for firms to dismiss older...

Dieser Beitrag untersucht die Auswirkungen unterschiedlicher Reformoptionen auf die Finanzierbarkeit des österreichischen Pensionssystems bis zum Jahr 2060. Es werden sowohl Änderungen im Verhalten der Arbeitnehmer (effektives Pensionsantrittsalter) als auch Änderungen des Pensionssystems...

To evaluate pension reforms in public services, we put forward a simple criterion, the actuarial cost of a worker, per year of service. This measure of cost is the expected, discounted sum of net real wages and pension benefits, earned by a worker over his entire life cycle, divided by the...

In general, retirement is seen as a pure labor supply phenomenon, but firms can have strong incentives to send expensive older workers into retirement. Based on the seniority wage model developed by Lazear (1979), we discuss steep seniority wage profiles as incentives for firms to dismiss older...