The unequal impact of raising the retirement age: Employment response and program substitution

Using high-frequency Italian administrative data, the author studies the heterogeneous effects of a reform raising the normal retirement age (NRA) from 60 years to 65 years for private-sector male employees. The analysis, based on a difference-in-differences (DD) method, shows that the NRA raise red...

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Autor principal:	Ardito Chiara
Formato:	article
Lenguaje:	EN
Publicado:	Sciendo 2021
Materias:	retirement age labor supply disability benefit pension reform unemployment older workers socio-economic inequalities j14 j26 i38 j18 j22 Economic growth, development, planning HD72-88 Labor. Work. Working class HD4801-8943
Acceso en línea:	https://doaj.org/article/b1f33244fc9345e6875c64cc8b42f831
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spelling	oai:doaj.org-article:b1f33244fc9345e6875c64cc8b42f8312021-12-05T14:11:08ZThe unequal impact of raising the retirement age: Employment response and program substitution2193-899710.2478/izajole-2021-0003https://doaj.org/article/b1f33244fc9345e6875c64cc8b42f8312021-09-01T00:00:00Zhttps://doi.org/10.2478/izajole-2021-0003https://doaj.org/toc/2193-8997Using high-frequency Italian administrative data, the author studies the heterogeneous effects of a reform raising the normal retirement age (NRA) from 60 years to 65 years for private-sector male employees. The analysis, based on a difference-in-differences (DD) method, shows that the NRA raise reduces pension benefit claims but does not lead to a one-to-one increase in the employment rate since workers also apply for more disability and unemployment benefits. Moreover, most of them simply retire without any benefit. The extent of the effects varies substantially across socio-economic groups, as individuals with poorer health, with lower occupational grades and lower pay levels are the most constrained by the reform, experiencing the highest delay in pension claims, increase in employment, and inactivity. All in all, this paper shows that raising the NRA could have unintended effects as it affects more negatively the most vulnerable in the labor market.Ardito ChiaraSciendoarticleretirement agelabor supplydisability benefitpension reformunemploymentolder workerssocio-economic inequalitiesj14j26i38j18j22Economic growth, development, planningHD72-88Labor. Work. Working classHD4801-8943ENIZA Journal of Labor Economics, Vol 10, Iss 1, Pp 103-107 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	retirement age labor supply disability benefit pension reform unemployment older workers socio-economic inequalities j14 j26 i38 j18 j22 Economic growth, development, planning HD72-88 Labor. Work. Working class HD4801-8943
spellingShingle	retirement age labor supply disability benefit pension reform unemployment older workers socio-economic inequalities j14 j26 i38 j18 j22 Economic growth, development, planning HD72-88 Labor. Work. Working class HD4801-8943 Ardito Chiara The unequal impact of raising the retirement age: Employment response and program substitution
description	Using high-frequency Italian administrative data, the author studies the heterogeneous effects of a reform raising the normal retirement age (NRA) from 60 years to 65 years for private-sector male employees. The analysis, based on a difference-in-differences (DD) method, shows that the NRA raise reduces pension benefit claims but does not lead to a one-to-one increase in the employment rate since workers also apply for more disability and unemployment benefits. Moreover, most of them simply retire without any benefit. The extent of the effects varies substantially across socio-economic groups, as individuals with poorer health, with lower occupational grades and lower pay levels are the most constrained by the reform, experiencing the highest delay in pension claims, increase in employment, and inactivity. All in all, this paper shows that raising the NRA could have unintended effects as it affects more negatively the most vulnerable in the labor market.
format	article
author	Ardito Chiara
author_facet	Ardito Chiara
author_sort	Ardito Chiara
title	The unequal impact of raising the retirement age: Employment response and program substitution
title_short	The unequal impact of raising the retirement age: Employment response and program substitution
title_full	The unequal impact of raising the retirement age: Employment response and program substitution
title_fullStr	The unequal impact of raising the retirement age: Employment response and program substitution
title_full_unstemmed	The unequal impact of raising the retirement age: Employment response and program substitution
title_sort	unequal impact of raising the retirement age: employment response and program substitution
publisher	Sciendo
publishDate	2021
url	https://doaj.org/article/b1f33244fc9345e6875c64cc8b42f831
work_keys_str_mv	AT arditochiara theunequalimpactofraisingtheretirementageemploymentresponseandprogramsubstitution AT arditochiara unequalimpactofraisingtheretirementageemploymentresponseandprogramsubstitution
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The unequal impact of raising the retirement age: Employment response and program substitution

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