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Improving the Labour Market Incentives of Canada's Public Pensions

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  • Kevin Milligan
  • Tammy Schirle

Abstract

This paper examines the incentives for retirement imposed by Canada's public pension system. A series of simulations clearly illustrate the various components of the pension system that create incentives and disincentives among older Canadians for continued work. We find the largest work disincentives are generated by the income-tested Guaranteed Income Supplement, as it interacts with the Canada/Quebec Pension Plan and with earned income to give the least well-off a reduced financial return to working. We then illustrate how various policy reforms would alleviate some aspects of the incentives problem and partially remove barriers to continued labour market participation among older Canadians.

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File URL: http://dx.doi.org/10.3138/cpp.34.3.281
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Bibliographic Info

Article provided by University of Toronto Press in its journal Canadian Public Policy.

Volume (Year): 34 (2008)
Issue (Month): 3 (September)
Pages: 281-304

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Handle: RePEc:cpp:issued:v:34:y:2008:i:3:p:281-304

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Postal: University of Toronto Press Journals Division 5201 Dufferin Street Toronto, Ontario, Canada M3H 5T8
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References

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  1. Janice Compton, . "Determinants of Retirement: Does Money Really matter?," Working Papers-Department of Finance Canada 2001-02, Department of Finance Canada.
  2. Michael Baker & Jonathan Gruber & Kevin Milligan, 2001. "The Retirement Incentive Effects of Canada's Income Security Programs," Social and Economic Dimensions of an Aging Population Research Papers 65, McMaster University.
  3. Didier Blanchet & Louis-Paul Pele, 1997. "Social Security and Retirement in France," NBER Working Papers 6214, National Bureau of Economic Research, Inc.
  4. Pierre Pestieau & Jean-Philippe Stijns, 1997. "Social Security and Retirement in Belgium," NBER Working Papers 6169, National Bureau of Economic Research, Inc.
  5. Peter Diamond & Jonathan Gruber, 1999. "Social Security and Retirement in the United States," NBER Chapters, in: Social Security and Retirement around the World, pages 437-473 National Bureau of Economic Research, Inc.
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Cited by:
  1. Colin Busby & William B.P. Robson & Pierre-Marcel Desjardins, 2009. "Stress Test: Demographic Pressures and Policy Options in Atlantic Canada," C.D. Howe Institute Backgrounder, C.D. Howe Institute, issue 120, November.
  2. Robson, William, 2006. "Accounting for and Thinking about Social Security Liabilities in Canada," Discussion Paper 285, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  3. Ross Finnie & David Gray & Yan Zhang, 2013. "Guaranteed Income Supplement (GIS) Status Amongst the Retired Population: An Analysis of the Incidence," Canadian Public Policy, University of Toronto Press, vol. 39(s1), pages 65-80, May.
  4. Alexandre Laurin & Kevin Milligan & Tammy Schirle, 2012. "Comparing Nest Eggs: How CPP Reform Affects Retirement Choices," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 352, May.
  5. Alexandre Laurin & Finn Poschmann & William B.P. Robson, 2011. "When Striking an Awkward Balance Means Striking Out: Budget 2011," e-briefs 112, C.D. Howe Institute.

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