Retirement behaviour in Austria effects of incentives on old-age labour supply Tibor Hanappi and Wolfgang Nagl
By: Hanappi, Tibor.
Contributor(s): Nagl, Wolfgang.
Material type: ArticlePublisher: 2019Subject(s): PENSIONES DE JUBILACIÓN | PLANES DE PENSIONES | FONDOS DE PENSIONES | IMPUESTOS | INCENTIVOS FISCALES | AUSTRIA In: Fiscal Studies v. 40, n. 3, p. 301-328Summary: We provide an extensive analysis of retirement behaviour in Austria with a special focus on the role of incentives delivered by the tax and benefit system in determining individual retirement decisions. A comprehensive microsimulation model of the Austrian pension system is applied to calculate retirement benefit entitlements and forward‐looking incentive measures (social security wealth, accrual rate, peak and option values) on an individual basis. We use the calculated incentive measures as the main explanatory variables in probit models to explain retirement decisions. We base our microsimulation and estimations on an extensive administrative Austrian data set. These data contain information on more than 300,000 new retirees from the period 2001–11. We provide robust evidence that incentive measures are well suited to explaining individual retirement decisions.Item type | Current location | Home library | Call number | Status | Date due | Barcode |
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OP 1472/2019/2-3 Accounting of the German statutory pension scheme | OP 1472/2019/3 Fiscal Studies | OP 1472/2019/3-1 Intergenerational differences in income and wealth | OP 1472/2019/3-2 Retirement behaviour in Austria | OP 1472/2019/3-3 Long-term care across Europe and the United States | OP 1472/2019/3-4 How to handle the fiscal crisis in Greece | OP 1472/2019/3-5 Evaluating the stability of school performance estimates over time |
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We provide an extensive analysis of retirement behaviour in Austria with a special focus on the role of incentives delivered by the tax and benefit system in determining individual retirement decisions. A comprehensive microsimulation model of the Austrian pension system is applied to calculate retirement benefit entitlements and forward‐looking incentive measures (social security wealth, accrual rate, peak and option values) on an individual basis. We use the calculated incentive measures as the main explanatory variables in probit models to explain retirement decisions. We base our microsimulation and estimations on an extensive administrative Austrian data set. These data contain information on more than 300,000 new retirees from the period 2001–11. We provide robust evidence that incentive measures are well suited to explaining individual retirement decisions.
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