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Improving the Labour Market Incentives of Canada's Public Pensions

  • Kevin Milligan
  • Tammy Schirle

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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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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  1. Didier Blanchet & Louis-Paul Pele, 1997. "Social Security and Retirement in France," NBER Working Papers 6214, National Bureau of Economic Research, Inc.
  2. Janice Compton, . "Determinants of Retirement: Does Money Really matter?," Working Papers-Department of Finance Canada 2001-02, Department of Finance Canada.
  3. 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.
  4. 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.
  5. Pierre Pestieau & Jean-Philippe Stijns, 1999. "Social Security and Retirement in Belgium," NBER Chapters, in: Social Security and Retirement around the World, pages 37-71 National Bureau of Economic Research, Inc.
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