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How Pension Accrual Affects Job Satisfaction

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  • ANDREW A. LUCHAK
  • IAN R. GELLATLY

Abstract

Using a sample of 429 employees in a large, unionized public utility company in Canada, we examine the incentive effects of a final-earnings pension plan on employees' job satisfaction. Contrary to rational economic expectations, job satisfaction is found negatively related to expected accruals under the pension plan. Satisfaction was also lower among those who perceived a higher likelihood of being declared redundant, had better nonmarket alternatives, and who viewed conflictual approaches as most effective in resolving prior disputes at work. Conversely, employees who perceived greater support for employer-sponsored training, perceived such training to be effective, and believed cooperative approaches to dispute resolution worked best, were more satisfied. Implications for pension theory, research, and policy are discussed.

Suggested Citation

  • Andrew A. Luchak & Ian R. Gellatly, 2002. "How Pension Accrual Affects Job Satisfaction ," Journal of Labor Research, Transaction Publishers, vol. 23(1), pages 145-162, January.
  • Handle: RePEc:tra:jlabre:v:23:y:2002:i:1:p:145-162
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    Citations

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    Cited by:

    1. Vani K. Borooah, 2009. "Comparing levels of job satisfaction in the countries of Western and Eastern Europe," International Journal of Manpower, Emerald Group Publishing, vol. 30(4), pages 304-325, July.
    2. Benjamin Artz, 2008. "Fringe Benefits and Job Satisfaction," Working Papers 08-03, UW-Whitewater, Department of Economics.
    3. Bender, Keith A., 2012. "An analysis of well-being in retirement: The role of pensions, health, and ‘voluntariness’ of retirement," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(4), pages 424-433.
    4. Benjamin Artz, 2010. "Fringe benefits and job satisfaction," International Journal of Manpower, Emerald Group Publishing, vol. 31(6), pages 626-644, September.
    5. Jochem Bresser & Arthur Soest, 2015. "Retirement Expectations and Satisfaction with Retirement Provisions," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 61(1), pages 119-139, March.
    6. Scott Adams & Benjamin Artz, 2015. "Health Insurance, Familial Responsibilities and Job Satisfaction," Journal of Family and Economic Issues, Springer, vol. 36(1), pages 143-153, March.

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