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Abstract
Abstract We used the last three waves of the European Quality of Life Surveys to analyze the happiness of older workers in Romania and the Visegrád countries. Applying ordinary least squares and ordered logit models we showed that being employed makes people happier ceteris paribus than being unemployed. This effect is the same for younger and older persons in the V4 countries, but there is an extra positive effect for older workers in Romania.
Highlights
It could be felt before the turn of the millennium, but afterward even more so that due to the aging of the European countries the governments were forced to tighten their pay-as-you-go pension systems
Cristea et al (2016) note that the increase of deaths exceeds the number of births, leading to a decrease in the population in Romania
Adascalitei (2017) considers the Romanian pension system to be a moderately generous system, and for even the Hungarian pension system is able to provide some kind of livelihood for most pensioners (Szabó, 2017)
Summary
It could be felt before the turn of the millennium, but afterward even more so that due to the aging of the European countries the governments were forced to tighten their pay-as-you-go pension systems. The tightening means a gradual increase in the retirement age, on the other hand, the nearly complete abolition of early retirement, and a shift from a "defined benefit" to a "defined contribution" system (König et al, 2016). Owing to the increased average life expectancy (Martin, 2018), and, in some cases, financial needs, many people themselves choose to stay in the labor market for a longer period of time. ISSN: 1584-2339; (online) ISSN: 2285 – 3065
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