The aim of this paper is to provide a political-economic explanation of the wide spread adoption of generous early retirement. We suggest that the political support for generous early retirement provisions relies on: (i) the existence of an initial, significant group of redundant elderly workers with incomplete working history, who are not entitled to an old age pension; and (ii) the policy persistence that this provision introduces by inducing low-ability workers to retire early.
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|Date of creation:||2000|
|Date of revision:|
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