Rise In Retirement Age Research Articles

Health and labor market effects of an unanticipated rise in retirement age. Evidence from the 2012 Italian pension reform.

As retirement ages increase around the world, not all workers may be equally able to extend their working lives. In this article, we examine the health and labor market effects of an Italian pension reform that suddenly increased the normal retirement age up to 7years for women and up to 2years for men. To do this, we use linked labor and healthcare administrative data, jointly with survey data and difference-in-difference methods. Our results show that the reform was effective in postponing retirement among both genders, as pension claiming dropped substantially for older workers. However, there were also side effects as the reform significantly pushed previously employed men and women into unemployment and disability pension. Among women only, the reform also increased sick leave and hospitalizations related to mental health and injuries. These effects were driven by women with previously low health status, suggesting that undifferentiated and abrupt increases in pension age might harm more vulnerable workers. Coherently with the milder tightening of retirement age experienced by men, labor market responses were smaller in size, and they did not suffer any significant health effects.

Оценка последствий пенсионной реформы в России в глобальной CGE-OLG модели

This paper aims at modeling the proposed 5-year rise in retirement age for Russian economy. The primary goal of the paper is to analyze the effect of this pension reform on the major macroeconomic features of the Russian economy as well as benefits and losses of different age group of agents. The problem is solved by making simulations in the setting of a global CGE-OLG model. The proposed model takes into account the long-run demographic trends forecasted by the UN as well as the budget structure of each of the 17 regions included: consumption taxes, income tax, payroll tax, corporate tax and natural revenues and expenditures on education, healthcare, pensions and other spending. Having overlapping generation is the model allows us to estimate changes in welfare of different age groups of agents from any economic policy. The results of the simulations show that the effect of raising the retirement age on economic growth appears to be limited. However, we observe an increase in the level of consumption and welfare for all the generation except for those that are close to reaching the retirement age when the reform is implemented. A more pronounced effect of raising the retirement age is that it helps keeping the government budget balanced in the long run. As an alternative a gradual pension system capitalization scenario is considered.

Cohort Difference in Age-Related Trajectories in Network Size in Old Age: Are Networks Expanding?

Contemporary societal views on old age as well as a rise in retirement age raise the question whether patterns of stability and/or decline in network size as found in earlier studies similarly apply to later birth cohorts of older adults. Change score models are estimated to determine cohort differences in age-related trajectories in network size. Two birth cohorts (1928-37 and 1938-47, 55-64 at baseline in 1992 and 2002) of the Longitudinal Aging Study Amsterdam are followed across 4 observations over a time span of 9 years. Age-related trajectories in network size differ between the early and late birth cohort. The late birth cohort makes large gains in network size around retirement age, but this increase does not hold over time. Increased educational level and larger diversity in social roles relate to the cohort difference. Nonetheless, cohort difference prevails even after adjusting for these factors. The peak level in the network size in the late birth cohort hints at stronger preference and more opportunities to gain and maintain social relationships around retirement age in the current societal structure and culture. The subsequent drop-off in network size suggests that these ties are mostly used to adapt to the retirement transition.

Roadblocks on the Road to Grandma's House: Fertility Consequences of Delayed Retirement

This paper investigates the role of childcare provided by grandparents for the fertility decisions of their offspring. We exploit a decade of pension reforms in Italy that mandated the grandparental generation to a working horizon longer than they would have had otherwise. We argue that the rise in retirement age meant a negative shock to the supply of informal childcare for the next generation.Our results show that one additional grandparent available in the early child-bearing years increases by about five percent the number of children. We show that the fertility effects of delayed retirement are limited to close-knits with a strong familistic structure. The result is not just the mechanical consequence of delayed exit from parental home, of more investment in education or of more attachment to the labour market. In light of the Italian lowest low fertility we conclude that pension reforms may have had unintended inter-generational effects. This conclusion is consistent with the sharp drop in total fertility documented by official statistics for the most conservative areas of the country.

Kognitive Auffälligkeiten, Depressivität und Leistungsfähigkeit bei älteren Arbeitnehmern in stationärer psychosomatischer Behandlung

Due to aging of the population and a possible rise in retirement age, the cognitive capacity of older people is gaining great importance. As evidenced by the increase in early retirement due to psychosomatic disease, many employees are not capable of working at a higher age. Decreasing cognitive abilities have usually been studied in subjects over 65 years based on the heterogeneous construct of mild cognitive impairment (MCI). This study investigates the prevalence of cognitive impairments in the age group from 50 to 59 years and their reflections in subjective vocational achievement and social medical evaluation. Having been assigned to inpatient rehabilitation due to decreasing work performance, these patients could be considered a risk group for developing MCI. A battery of standardized cognitive tests was conducted with patients at a psychosomatic hospital (Termine Test, CVLT, Block Design, TAP, and Tower of Hanoi). The MCI was defined by performance below the average age norm in at least two of five functional areas. Depression was assessed by the Beck Depression Inventory. Cognitive impairment was observed in 24% of participants. These patients also described vocational difficulties. Cognitive impairments of older employees could possibly be compensated for by specific training programs in order to maintain or rebuild their work capacity.

Unions fight rise in retirement age

Unions fight rise in retirement age