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Wages, Hours of Work and Job Satisfaction of the Elderly

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Author Info
Isao Ohashi
Abstract

This paper analyzes the effects of pension benefits, family conditions, and personal characteristics of the elderly on their labor supply, wages, hours of work and job satisfaction in the framework of the Nash bargaining that an old worker and a firm bargain over employment conditions such as wages, hours of work and job investment. It will be stressed that as workers become aged, they come to put more priority on hours of work, work circumstances, the contents of a job rather than wages, and make them improved by job investment in the form of lower wages. This paper also shows empirically, controlling the income effect of pensions, that the effects of the reduction scheme of the Employees' Pension Plan on hours worked and labor participation of the elderly had disappeared by 2000.

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File URL: http://hi-stat.ier.hit-u.ac.jp/research/discussion/2004/pdf/D04-40.pdf
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Paper provided by Institute of Economic Research, Hitotsubashi University in its series Hi-Stat Discussion Paper Series with number d04-40.

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Date of creation: Sep 2004
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Handle: RePEc:hst:hstdps:d04-40

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Find related papers by JEL classification:
J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped
J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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  1. Stock, J.H. & Wise, D.A., 1988. "Pensions, The Option Value Of Work, And Retirement," Papers e-88-28, Stanford - Hoover Institution.
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  2. Berkovec, James & Stern, Steven, 1991. "Job Exit Behavior of Older Men," Econometrica, Econometric Society, vol. 59(1), pages 189-210, January. [Downloadable!] (restricted)
  3. Alan L. Gustman & Thomas L. Steinmeier, 1986. "A Structural Retirement Model," NBER Working Papers 1237, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Yamada, Tetsuji, 1990. "The labor force participation of elderly males in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 4(1), pages 1-23, March. [Downloadable!] (restricted)
  5. Gustman, Alan L & Steinmeier, Thomas L, 1986. "A Structural Retirement Model," Econometrica, Econometric Society, vol. 54(3), pages 555-84, May. [Downloadable!] (restricted)
  6. Gordon, Roger H. & Blinder, Alan S., 1980. "Market wages, reservation wages, and retirement decisions," Journal of Public Economics, Elsevier, vol. 14(2), pages 277-308, October. [Downloadable!] (restricted)
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  7. John Rust, 1987. "A Dynamic Programming Model of Retirement Behavior," NBER Working Papers 2470, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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