Navigating through the Finnish Pension System
The paper constructs a competing risks duration model, explaining the probability of retirement due to old-age, ill health or long-term unemployment. It also attempts to measure the degree of substitution between the various retirement channels, among other things, by using data on pension application rejections. The effect of the economic incentives was tested in a number of alternative specifications. In addition to simple replacement ratio, life-cycle incentives were calculated for each exit channel separately. Both the grace period compensations (unemployment benefits and sick allowances) and the actual pension benefits were considered. The paper concludes that the baseline hazards as well as the effects of a number of explanatory variables differ signficantly between the distinct retirement channels. It also finds some evidence on the channel substitutability between different retirement channels.
|Date of creation:||06 Jul 2000|
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- Dahl, S.-A., Nilsen, O.A. & Vaage, K., 2000.
"Work or Retirement? Exit Routes for Norwegian Elderly,"
Norway; Department of Economics, University of Bergen
213, Department of Economics, University of Bergen.
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"Unemployment durations and extended unemployment benefits in local labor markets,"
Industrial and Labor Relations Review,
ILR Review, Cornell University, ILR School, vol. 56(2), pages 324-348, January.
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-1213, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Tomi Kyyrä, 1999. "Post-Unemployment Wages and Economic Incentives to Exit from Unemployment," Research Reports 56, Government Institute for Economic Research Finland (VATT).
- Regina Riphahn, 1997. "Disability retirement and unemployment - substitute pathways for labour force exit? An empirical test for the case of Germany," Applied Economics, Taylor & Francis Journals, vol. 29(5), pages 551-561.
- Heckman, James J. & Singer, Burton, 1984. "Econometric duration analysis," Journal of Econometrics, Elsevier, vol. 24(1-2), pages 63-132.
- Kiefer, Nicholas M, 1988. "Economic Duration Data and Hazard Functions," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 646-79, June.
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