Abstract
During the last years, the mean retirement age in developed countries has decreased. An important question is if this retirement behavior is a consequence or not of the law applied to pensions. If the behavior is a consequence of this law, then this means that workers know and understand the law. On the other side, workers do not know the law, or they know it but they do not understand it. This paper studies the law applied to the Public Pension System in Spain and obtains workers’ optimal retirement behavior, given some workers’ features. Then, we analyze the retirement behavior of workers in Spain. We find that the retirement behavior of workers in Spain is very similar to that at the optimal retirement behavior predicted by theory, so we conclude that Spanish workers know and understand the law.
Highlights
La sostenibilidad financiera de los sistemas públicos de pensiones de la mayoría de los países industrializados comienza a verse cuestionada por dos factores principales
This paper studies the law applied to the Public Pension System in Spain and obtains workers’ optimal retirement behavior, given some workers’ features
We find that the retirement behavior of workers in Spain is very similar to that at the optimal retirement behavior predicted by theory, so we conclude that Spanish workers know and understand the law
Summary
La edad media de jubilación de los trabajadores en los países desarrollados se ha reducido notablemente. Sin embargo, es si esta conducta de jubilación es consecuencia o no de la normativa que rige los sistemas públicos de pensiones. Si esta conducta es consecuencia principalmente de dicha normativa esto indica que los trabajadores la conocen y la comprenden. Analizamos la normativa del Sistema Público de Pensiones en España, y basándonos en ella, obtenemos una conducta teórica óptima de jubilación, dadas las características individuales del trabajador. Posteriormente, analizamos la conducta empírica de jubilación de los trabajadores en España. Encontramos que esta conducta empírica es similar a la conducta teórica, con lo cual concluimos que los trabajadores de edad avanzada sí conocen y entienden la normativa del Sistema Público de Pensiones español
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