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The Impact of a Phased Retirement Program: A Case Study

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Author Info

  • Lachowska, Marta

    ()
    (SOFI, Stockholm University)

  • Sundén, Annika

    ()
    (SOFI, Stockholm University)

  • Wadensjö, Eskil

    ()
    (Stockholm University)

Abstract

Phased retirement has been discussed as a means for increasing labour supply for people of older active age. The idea is that instead of leaving a full-time job early for full-time retirement, an employee should reduce the working time either in the same job or by changing jobs, and stay on in the labour market. In this paper we analyze the factors that influence the decision to take up a part-time pension and continue working at the same work place at reduced hours. We do this by using a unique data set from one employer in the governmental sector in Sweden, Stockholm University. The pension scheme is a special part-time pension scheme introduced for state employees in 2003. Employees 61 years and older can apply for a part-time pension up to the age of 65. The employers decide if they will accept or reject the application. They may also encourage employees to apply or discourage them from doing so. We have a data set covering all employees of the age groups who are eligible and a rich data set with information on the employees and also on the units (departments) who in practice decide if an application should be accepted or not. We find that both the effects on pension wealth of taking a part-time pension, and the economic situation of the department are important for the propensity for becoming a part-time pensioner. Also individual characteristics such as gender, age, earnings and occupation are important.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 4284.

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Length: 33 pages
Date of creation: Jul 2009
Date of revision:
Handle: RePEc:iza:izadps:dp4284

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Related research

Keywords: part-time work; part-time pension; older workers; labour supply;

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References

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  1. Alan L. Gustman & Thomas L. Steinmeier, 1981. "Partial Retirement and the Analysis of Retirement Behavior," NBER Working Papers 0763, National Bureau of Economic Research, Inc.
  2. Denis LATULIPPE & John TURNER, 2000. "Partial retirement and pension policy in industrialized countries," International Labour Review, International Labour Organization, vol. 139(2), pages 179-195, 06.
  3. Steven G. Allen & Robert L. Clark & Linda S. Ghent, 2003. "Phasing Into Retirement," NBER Working Papers 9779, National Bureau of Economic Research, Inc.
  4. Steven G. Allen & Robert L. Clark & Linda S. Ghent, 2004. "Phasing into retirement," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 58(1), pages 112-127, October.
  5. Steven G. Allen, 2004. "The Value of Phased Retirement," NBER Working Papers 10531, National Bureau of Economic Research, Inc.
  6. Even, William E. & Macpherson, David A., 2004. "Do Pensions Impede Phased Retirement?," IZA Discussion Papers 1353, Institute for the Study of Labor (IZA).
  7. Courtney Coile & Jonathan Gruber, 2007. "Future Social Security Entitlements and the Retirement Decision," The Review of Economics and Statistics, MIT Press, vol. 89(2), pages 234-246, May.
  8. Tunga Kantarci & Arthur Soest, 2008. "Gradual Retirement: Preferences and Limitations," De Economist, Springer, vol. 156(2), pages 113-144, June.
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