Rethinking retirement; from participation towards allocation
AbstractThis study argues that Dutch policy regarding the labour market for elderly is at a crossroads. Previous reforms in the Netherlands have encouraged labour supply and are expected to boost labour-market participation of individuals aged 55 to 64 to 60% in 2020. Further stimulus of supply is debatable due to perverse distributive implications. The increase in participation reveals inefficiencies in the demand side of the market. Indeed, the Dutch labour market for elderly is characterised by long unemployment duration, long job tenures, low mobility and little investment in human capital. The inefficiencies were previously hidden by massive early retirement, but will become more pressing as the workforce ages and participation rates increase. This imposes a new challenge for Dutch policy, a challenge that has become more urgent due to the current financial crisis that is expected to cause a substantial rise in unemployment. The study offers up-to-date insight in the consequences of policy reforms for the labour market.
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Bibliographic InfoPaper provided by CPB Netherlands Bureau for Economic Policy Analysis in its series CPB Special Publication with number 80.
Date of creation: Apr 2009
Date of revision:
Find related papers by JEL classification:
- D6 - Microeconomics - - Welfare Economics
- H2 - Public Economics - - Taxation, Subsidies, and Revenue
- H5 - Public Economics - - National Government Expenditures and Related Policies
- J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
- J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
- J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
- J6 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers
This paper has been announced in the following NEP Reports:
- NEP-AGE-2009-05-16 (Economics of Ageing)
- NEP-ALL-2009-05-16 (All new papers)
- NEP-EEC-2009-05-16 (European Economics)
- NEP-LAB-2009-05-16 (Labour Economics)
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