Public pension reforms and retirement decisions narrative evidence and aggregate implications Huixin Bi and Sarah Zubairy
By: Bi, Huixin
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Contributor(s): Zubairy, Sarah.
Material type: 
ArticleSubject(s): PENSIONES | PENSIONES DE JUBILACION | EMPLEO | EDAD DE JUBILACION | ORGANIZACION DE COOPERACION Y DESARROLLO ECONOMICO
In:
American Economic Journal : Economic Policy v. 15, n. 4, November 2023, p. 142-182Summary: We construct a database of public pension policy changes with motivation and implementation information for ten OECD countries. Structural pension reforms, motivated by long-run sustainability concerns, often come with prolonged phase-in periods. In response to pension retrenchments implemented immediately, people close to retirement stay in the workforce longer. News about future pension retrenchments with implementation lags, however, is likely to lead this group to exit the labor market. This decline in the labor force participation rate is particularly strong for reforms with long lags, ones that introduce fundamental policy changes, and ones where citizens have lower trust in the government.
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We construct a database of public pension policy changes with motivation and implementation information for ten OECD countries. Structural pension reforms, motivated by long-run sustainability concerns, often come with prolonged phase-in periods. In response to pension retrenchments implemented immediately, people close to retirement stay in the workforce longer. News about future pension retrenchments with implementation lags, however, is likely to lead this group to exit the labor market. This decline in the labor force participation rate is particularly strong for reforms with long lags, ones that introduce fundamental policy changes, and ones where citizens have lower trust in the government.
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