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|a Pension reform and the efficiency-equity trade-off
|b impacts of removing an early retirement subsidy
|c Asbjørn Goul Andersen, Simen Markussen, Knut Røed
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|a We provide empirical evidence that the removal of work disincentives embedded in retirement earnings tests can increase old-age labor supply considerably, but it does so at the cost of more income inequality. Causal effects are identified based on a reform of the Norwegian early retirement program, which entailed that adjacent birth cohorts were exposed to completely different work incentives from age 62. The reform removed a strict retirement earnings test such that pension wealth was redistributed from early to late retirees. Given the pre-existing employment and earnings patterns, this implied a considerable rise in old-age income inequality. In principle, this could have been offset by changes in the labor supply. We estimate that the reform triggered a 42% increase in hours worked during the ages covered by early retirement options. However, as the labor supply responses were of similar magnitudes across the earnings distribution, they did little to offset the rise in inequality. As measured by the Gini coefficient, inequality in overall old-age income rose by approximately 0.03 (17%).
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Andersen, Asbjørn Goul, Markussen, Simen, Røed, Knut |
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We provide empirical evidence that the removal of work disincentives embedded in retirement earnings tests can increase old-age labor supply considerably, but it does so at the cost of more income inequality. Causal effects are identified based on a reform of the Norwegian early retirement program, which entailed that adjacent birth cohorts were exposed to completely different work incentives from age 62. The reform removed a strict retirement earnings test such that pension wealth was redistributed from early to late retirees. Given the pre-existing employment and earnings patterns, this implied a considerable rise in old-age income inequality. In principle, this could have been offset by changes in the labor supply. We estimate that the reform triggered a 42% increase in hours worked during the ages covered by early retirement options. However, as the labor supply responses were of similar magnitudes across the earnings distribution, they did little to offset the rise in inequality. As measured by the Gini coefficient, inequality in overall old-age income rose by approximately 0.03 (17%). |
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Forschungsinstitut zur Zukunft der Arbeit: Discussion paper series |
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Forschungsinstitut zur Zukunft der Arbeit, Discussion paper series, no. 12918 |
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Discussion paper series / IZA ; no. 12918 |
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Andersen, Asbjørn Goul VerfasserIn (DE-588)1263487556 (DE-627)1811452485 aut, Pension reform and the efficiency-equity trade-off impacts of removing an early retirement subsidy Asbjørn Goul Andersen, Simen Markussen, Knut Røed, Bonn, Germany IZA - Institute of Labor Economics January 2020, 1 Online-Ressource (circa 42 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Discussion paper series / IZA no. 12918, We provide empirical evidence that the removal of work disincentives embedded in retirement earnings tests can increase old-age labor supply considerably, but it does so at the cost of more income inequality. Causal effects are identified based on a reform of the Norwegian early retirement program, which entailed that adjacent birth cohorts were exposed to completely different work incentives from age 62. The reform removed a strict retirement earnings test such that pension wealth was redistributed from early to late retirees. Given the pre-existing employment and earnings patterns, this implied a considerable rise in old-age income inequality. In principle, this could have been offset by changes in the labor supply. We estimate that the reform triggered a 42% increase in hours worked during the ages covered by early retirement options. However, as the labor supply responses were of similar magnitudes across the earnings distribution, they did little to offset the rise in inequality. As measured by the Gini coefficient, inequality in overall old-age income rose by approximately 0.03 (17%)., Markussen, Simen 1978- VerfasserIn (DE-588)1198135085 (DE-627)1680040294 aut, Røed, Knut VerfasserIn (DE-588)171188926 (DE-627)061364487 (DE-576)13200254X aut, Forschungsinstitut zur Zukunft der Arbeit Discussion paper series no. 12918 12918 (DE-627)369870360 (DE-576)281231559 (DE-600)2120053-1, http://ftp.iza.org/dp12918.pdf Verlag kostenfrei, https://www.iza.org/publications/dp/12918/pension-reform-and-the-efficiency-equity-trade-off-impacts-of-removing-an-early-retirement-subsidy Verlag kostenfrei, http://hdl.handle.net/10419/215314 Resolving-System kostenfrei, http://ftp.iza.org/dp12918.pdf LFER, LFER 2020-02-17T00:00:00Z |
| spellingShingle |
Andersen, Asbjørn Goul, Markussen, Simen, Røed, Knut, Pension reform and the efficiency-equity trade-off: impacts of removing an early retirement subsidy, Forschungsinstitut zur Zukunft der Arbeit, Discussion paper series, no. 12918, We provide empirical evidence that the removal of work disincentives embedded in retirement earnings tests can increase old-age labor supply considerably, but it does so at the cost of more income inequality. Causal effects are identified based on a reform of the Norwegian early retirement program, which entailed that adjacent birth cohorts were exposed to completely different work incentives from age 62. The reform removed a strict retirement earnings test such that pension wealth was redistributed from early to late retirees. Given the pre-existing employment and earnings patterns, this implied a considerable rise in old-age income inequality. In principle, this could have been offset by changes in the labor supply. We estimate that the reform triggered a 42% increase in hours worked during the ages covered by early retirement options. However, as the labor supply responses were of similar magnitudes across the earnings distribution, they did little to offset the rise in inequality. As measured by the Gini coefficient, inequality in overall old-age income rose by approximately 0.03 (17%). |
| title |
Pension reform and the efficiency-equity trade-off: impacts of removing an early retirement subsidy |
| title_auth |
Pension reform and the efficiency-equity trade-off impacts of removing an early retirement subsidy |
| title_full |
Pension reform and the efficiency-equity trade-off impacts of removing an early retirement subsidy Asbjørn Goul Andersen, Simen Markussen, Knut Røed |
| title_fullStr |
Pension reform and the efficiency-equity trade-off impacts of removing an early retirement subsidy Asbjørn Goul Andersen, Simen Markussen, Knut Røed |
| title_full_unstemmed |
Pension reform and the efficiency-equity trade-off impacts of removing an early retirement subsidy Asbjørn Goul Andersen, Simen Markussen, Knut Røed |
| title_in_hierarchy |
no. 12918. Pension reform and the efficiency-equity trade-off: impacts of removing an early retirement subsidy (January 2020) |
| title_short |
Pension reform and the efficiency-equity trade-off |
| title_sort |
pension reform and the efficiency equity trade off impacts of removing an early retirement subsidy |
| title_sub |
impacts of removing an early retirement subsidy |
| url |
http://ftp.iza.org/dp12918.pdf, https://www.iza.org/publications/dp/12918/pension-reform-and-the-efficiency-equity-trade-off-impacts-of-removing-an-early-retirement-subsidy, http://hdl.handle.net/10419/215314 |
