Early Retirement Policy in the Presence of Competing Exit Pathways: Evidence from Pension Reforms in Finland

I study the effects of changes in the eligibility age thresholds for unemployment and part-time pensions, and the effect of tightening medical criteria for disability pension eligibility in Finland. Particular attention is paid to the spillover effects of the pension reforms. These pension reforms j...

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Bibliographic Details
Published in:Economica (London) 2015-01, Vol.82 (325), p.46-78
Main Author: Kyyra, Tomi
Format: Article
Language:English
Subjects:
Disability pensions
Economic reform
Eligibility
Employment
Finland
Part-time employment
Pensions
Retirement
Retirement policies
Spillovers
Studies
Unemployment
Workers
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Summary:I study the effects of changes in the eligibility age thresholds for unemployment and part-time pensions, and the effect of tightening medical criteria for disability pension eligibility in Finland. Particular attention is paid to the spillover effects of the pension reforms. These pension reforms jointly raised the average age at which workers leave employment by 3.9 months, mainly due to a sharp drop in disability pension enrolment from age 58 upwards and a lower incidence of unemployment at younger ages. These effects are heterogeneous, much of which is attributable to the spillover effects that vary across individuals.
ISSN:0013-0427
1468-0335
DOI:10.1111/ecca.12100