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Pension reform, retirement, and life-cycle unemployment

abstract This paper investigates the labor market impact of four often proposed
policy measures for sustainable pensions: strengthening the tax benefit link, moving from wage to price indexation of benefits, lengthening calculation periods, and introducing more actuarial fairness in pension assessment. We consider the impact on three margins of aggregate labor supply, retirement behavior, job search, and hours worked.We provide some analytical results and use a computational model to demonstrate the economic impact of recent pension reform in Austria. Reducing the distortion in the retirement decision by introducing pension supplements and discounts conditional on the chosen retirement date promises the largest gains.We also find that the pension reform is far from sufficient to offset the fiscal implications of projected demographic change in Austria.
   
type journal paper
   
keywords Pension reform, retirement, job search, life-cycle unemployment
   
language English
kind of paper journal article
date of appearance 7-10-2010
journal International Tax and Public Finance
publisher Springer (US)
ISSN 0927-5940
ISSN (online) 1573-6970
DOI 10.1007/s10797-010-9134-z
volume of journal 17
number of issue 5
page(s) 556-585
review blind review
   
citation Keuschnigg, C., Jaag, C., & Keuschnigg, M. (2010). Pension reform, retirement, and life-cycle unemployment. International Tax and Public Finance, 17(5), 556-585, DOI:10.1007/s10797-010-9134-z.