Abstract
The labor participation of the elderly is an important level of labor supply in China, and healthy human capital is one of the main factors affecting the labor participation of the elderly. Based on the data of the Chinese Longitudinal Healthy Longevity Survey (CLHLS) in 2014, this paper uses the Probit model to empirically analyze the impact of the healthy human capital of the elderly in China on their labor force participation rate. The results show that when individual characteristic variables, family characteristic variables and social characteristic variables are added, healthy human capital is positively correlated with labor participation of retired elderly people. The better health status is, the higher labor participation rate is. With the decline in health status, the labor force participation rate of retired elderly people decreased significantly. The influence of healthy human capital on labor participation of the elderly in China is also heterogeneous between urban and rural areas, gender and age, among which the influence of healthy human capital on labor participation of the elderly in rural areas, males and young age groups is higher than that in urban areas, females and elderly retirees.
Highlights
With the development of economy and society, the life expectancy of human beings keeps increasing and the birth rate keeps falling, the population structure has undergone a great transformation and faces the problem of aging in an inverted pyramid
The estimated results of the impact of activities of daily living on labor participation decision-making show that the better the Activities of Daily Living (ADL) is, the higher the labor participation rate is, no matter for the total sample or the subsamples divided by gender, age and urban and rural areas, indicating that there is a positive correlation between healthy human capital and labor participation
Sum up the above empirical results, using subjective health measures and ADL, which are the indices of objectivity, get basically the same conclusion: the health human capital has significant positive influence on labor force participation of older people, health human capital, the better, the opportunity to work in the job market to obtain the higher, labor participation rate is higher
Summary
With the development of economy and society, the life expectancy of human beings keeps increasing and the birth rate keeps falling, the population structure has undergone a great transformation and faces the problem of aging in an inverted pyramid. From the perspective of health factors, whether retired elderly people are willing and able to return to the labor market can provide theoretical evidence for the upcoming delayed retirement policy, and alleviate the pressure of aging population on the economy and society. It can provide policy suggestions for scientific and rational development of human resources for the elderly, improve their employment willingness, and improve their quality of life, which has very important theoretical value and practical significance
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