Understanding retirement decisions
Number | 1177 |
---|---|
Project manager | Simen Markussen |
Client | Norges Forskningsråd |
Client project no. | 238203 |
Participants | Asbjørn Goul Bjerrum Andersen Erik Hernæs Andreas Kotsadam Tobias Laun Marilena Locatelli John Piggott Knut Røed Steinar Strøm Trond Christian Vigtel Johanna Wallenius Tao Zhang |
Period | 2014 - 2019 |
Project description
This project makes use of detailed administrative data for Norway and use three different methodical approaches. The following questions are central in this project: 1) What are the labour supply effect of completely removing the earnings test against labour earnings for pension take-up for the age group 62-67? 2) What are the labour supply effect of reducing the earliest access age to pension wealth from 67 to 62 in an actuarially adjusted pension system? 3) What are the labour supply effects of introducing longevity adjusted pensions, in fact a downward adjustment of annual pension payments as longevity increases? 4) How are workers using the increased flexibility in the pension system, allowing for a number of part-time choices between full work and full retirement, and how will this in turn affect total labour supply? 5) To which extent are retirement decisions facilitated or limited by external factors? What is the role of family, health and productivity, employers' willingness to accommodate senior workers and aggregate labour demand? 6) Which factors determine pension take-up, conditional on labour supply? What is the role of health, family and risk-preferences? 7) What is the role of progressive taxation for decisions on pension take-up and labour supply? Can preferences for early take-up (more than a "standard homo economicus" model would predict) imply that labour supply effects are moderated because of progressive taxation?Publications
Scientific Journal
Author(s): | Title: | Year: | Reference: | Link: |
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Laun, Tobias, Simen Markussen, Trond C. Vigtel and Johanna Wallenius | Health, Longevity and Pension Reform | 2019 | Journal of Economic Dynamics and Control Vol 103, 123-157 | [PDF] [DOI] |
Vigtel, Trond C. | The retirement age and the hiring of senior workers | 2018 | Labour Economics Vol 51, 247-270 | [PDF] [DOI] |
Moscarola, Flavia Coda, Elsa Fornero, Steinar Strøm | Absenteeism, childcare and the effectiveness of pension reforms | 2016 | IZA Journal of European Labor Studies Open Access, 5:1 | [PDF] [DOI] |
Hernæs, Erik, Simen Markussen, John Piggott, Knut Røed | Pension reform and labor supply | 2016 | Journal of Public Economics Vol 142, 39-55. | [PDF] [DOI] |
Book chapter
Author(s): | Title: | Year: | Reference: | Link: |
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Stølen, Nils Martin, Fredriksen, Dennis Finn, Hernæs, Erik, Holmøy, Erling | The Norwegian NDC Scheme: Balancing Risk Sharing and Redistribution | 2020 | [PDF] |
Other publications
Author(s): | Title: | Year: | Reference: | Link: |
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Hernæs, Erik, Steinar Strøm, Tao Zhang | The Norwegian Pension Reform in 2011: The Long Term Impact on Take-up of Pension and Labor Supply | 2019 | CESifo working paper no 7723. | [PDF] |
Hernæs, Erik, Zhiyang Jia, John Piggott and Trond Christian Vigtel | Flexible Pensions and Labor Force Withdrawal | 2019 | WP 2019/3, Cepar | [PDF] |
Stølen, N.M., Fredriksen, D., Hernæs, E., Holmøy, E. | The Norwegian NDC Scheme: Balancing Risk Sharing and Redistribution | 2019 | Discussion Paper No. 1905, World Bank Group | [PDF] |
Laun, Tobias, Simen Markussen, Trond C. Vigtel and Johanna Wallenius | Health, Longevity and Pension Reform | 2018 | Working Paper 2018:9, Department of Economics, Uppsala University | [PDF] |