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Retire Later or Work Harder?

  • Bell, David N.F.

    ()

    (University of Stirling)

  • Hart, Robert A.

    ()

    (University of Stirling)

We compare two policies of increasing British state pension provision: (a) increase the pensionable age of men and women, (b) maintain the existing retirement age but require older workers to work longer per-period hours. There are reasons for policy makers to give serious consideration to the under-researched alternative (b). First, from wage - hours contract theory we know that there are potential gains to both workers and firms of allowing hours to rise in work experience. Second, there is strong evidence that job satisfaction rises in age. Third, there has in any case been a significant overall increase in the hours supplied by older workers in the last two decades. We review the relevant theory, model the trade-off between later retirement versus increased work intensity, produce relevant background facts, and provide estimates of the policy trade-offs.

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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 4720.

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Length: 35 pages
Date of creation: Jan 2010
Date of revision:
Handle: RePEc:iza:izadps:dp4720
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  1. Lorne Carmichael, 1981. "Firm-Specific Human Capital and Promotion Ladders," Working Papers 452, Queen's University, Department of Economics.
  2. Clark, Andrew E. & Oswald, Andrew J. & Warr, Peter B., 1994. "Is job satisfaction u-shaped in age ?," CEPREMAP Working Papers (Couverture Orange) 9407, CEPREMAP.
  3. Hart, Robert A & Ma, Yue, 2008. "Wage-Hours Contracts, Overtime Working and Premium Pay," Stirling Economics Discussion Papers 2008-04, University of Stirling, Division of Economics.
  4. Malcomson, James M., 1999. "Individual employment contracts," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 35, pages 2291-2372 Elsevier.
  5. Gustman, Alan L & Steinmeier, Thomas L, 1986. "A Structural Retirement Model," Econometrica, Econometric Society, vol. 54(3), pages 555-84, May.
  6. Hashimoto, Masanori, 1981. "Firm-Specific Human Capital as a Shared Investment," American Economic Review, American Economic Association, vol. 71(3), pages 475-82, June.
  7. Grossman, Michael, 1972. "On the Concept of Health Capital and the Demand for Health," Journal of Political Economy, University of Chicago Press, vol. 80(2), pages 223-55, March-Apr.
  8. Isao Ohashi, 2005. "Wages, Hours Of Work And Job Satisfaction Of Retirement-Age Workers," The Japanese Economic Review, Japanese Economic Association, vol. 56(2), pages 188-209.
  9. Hart, Robert A. & Ma, Yue, 2000. "Wages, Hours and Human Capital over the Live Cycle," IZA Discussion Papers 139, Institute for the Study of Labor (IZA).
  10. Hutchens, Robert M, 1989. "Seniority, Wages and Productivity: A Turbulent Decade," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 49-64, Fall.
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