Early Retirement Behaviour in the Netherlands: Evidence From a Policy Reform
Summary In the early 1990s the Dutch labour unions and employer organisations agreed to transform the generous and actuarially unfair early retirement (ER) schemes into less generous and actuarially fair schemes that reward individuals for postponing retirement. The starting dates of these new ER pr...
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Published in: | De Economist (Netherlands) 2010-09, Vol.158 (3), p.209-236 |
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In the early 1990s the Dutch labour unions and employer organisations agreed to transform the generous and actuarially unfair early retirement (ER) schemes into less generous and actuarially fair schemes that reward individuals for postponing retirement. The starting dates of these new ER programs varied by industry sector. In this study, we exploit this variation in starting dates to estimate the causal impact of the policy reform on early retirement behaviour. We use a large administrative dataset, the Dutch Income Panel 1989–2000, to estimate hazard rate models for the retirement age. We conclude that the policy reform has indeed induced workers to postpone retirement. Both the wealth effect (lower ER wealth) and the substitution effect (lower implicit taxes on retirement postponement) are significant, the latter being more substantial. |
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In the early 1990s the Dutch labour unions and employer organisations agreed to transform the generous and actuarially unfair early retirement (ER) schemes into less generous and actuarially fair schemes that reward individuals for postponing retirement. The starting dates of these new ER programs varied by industry sector. In this study, we exploit this variation in starting dates to estimate the causal impact of the policy reform on early retirement behaviour. We use a large administrative dataset, the Dutch Income Panel 1989–2000, to estimate hazard rate models for the retirement age. We conclude that the policy reform has indeed induced workers to postpone retirement. Both the wealth effect (lower ER wealth) and the substitution effect (lower implicit taxes on retirement postponement) are significant, the latter being more substantial.</description><identifier>ISSN: 0013-063X</identifier><identifier>EISSN: 1572-9982</identifier><identifier>DOI: 10.1007/s10645-010-9139-0</identifier><identifier>CODEN: ENOME9</identifier><language>eng</language><publisher>Boston: Springer US</publisher><subject>Age ; C41 ; Civil service ; D91 ; duration analysis ; Early retirement ; Economic Policy ; Economic Theory/Quantitative Economics/Mathematical Methods ; Economics ; Economics and Finance ; Incentives ; Income ; intertemporal choice ; J26 ; Labor force ; Labor law ; Labor supply ; Labor unions ; Microeconomics ; Netherlands ; Older people ; Public Finance ; Reforms ; Retirement ; Social policy ; Studies ; Tax rates ; Workers</subject><ispartof>De Economist (Netherlands), 2010-09, Vol.158 (3), p.209-236</ispartof><rights>Springer Science+Business Media, LLC. 2010</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c521t-c21020c010521f605cf2d97b70c59d9ca58ccecc95fe67ba5ff2fe5d93f4f4c13</citedby><cites>FETCH-LOGICAL-c521t-c21020c010521f605cf2d97b70c59d9ca58ccecc95fe67ba5ff2fe5d93f4f4c13</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.proquest.com/docview/750427498/fulltextPDF?pq-origsite=primo$$EPDF$$P50$$Gproquest$$H</linktopdf><linktohtml>$$Uhttps://www.proquest.com/docview/750427498?pq-origsite=primo$$EHTML$$P50$$Gproquest$$H</linktohtml><link.rule.ids>314,776,780,11668,12827,21367,21374,27844,27845,27903,27904,33202,33590,33591,33964,33965,36039,36040,43712,43927,44342,73968,74215,74642</link.rule.ids><backlink>$$Uhttp://econpapers.repec.org/article/kapdecono/v_3a158_3ay_3a2010_3ai_3a3_3ap_3a209-236.htm$$DView record in RePEc$$Hfree_for_read</backlink></links><search><creatorcontrib>Euwals, Rob</creatorcontrib><creatorcontrib>van Vuuren, Daniel</creatorcontrib><creatorcontrib>Wolthoff, Ronald</creatorcontrib><title>Early Retirement Behaviour in the Netherlands: Evidence From a Policy Reform</title><title>De Economist (Netherlands)</title><addtitle>De Economist</addtitle><description>Summary
In the early 1990s the Dutch labour unions and employer organisations agreed to transform the generous and actuarially unfair early retirement (ER) schemes into less generous and actuarially fair schemes that reward individuals for postponing retirement. The starting dates of these new ER programs varied by industry sector. In this study, we exploit this variation in starting dates to estimate the causal impact of the policy reform on early retirement behaviour. We use a large administrative dataset, the Dutch Income Panel 1989–2000, to estimate hazard rate models for the retirement age. We conclude that the policy reform has indeed induced workers to postpone retirement. Both the wealth effect (lower ER wealth) and the substitution effect (lower implicit taxes on retirement postponement) are significant, the latter being more substantial.</description><subject>Age</subject><subject>C41</subject><subject>Civil service</subject><subject>D91</subject><subject>duration analysis</subject><subject>Early retirement</subject><subject>Economic Policy</subject><subject>Economic Theory/Quantitative Economics/Mathematical Methods</subject><subject>Economics</subject><subject>Economics and Finance</subject><subject>Incentives</subject><subject>Income</subject><subject>intertemporal choice</subject><subject>J26</subject><subject>Labor force</subject><subject>Labor law</subject><subject>Labor supply</subject><subject>Labor unions</subject><subject>Microeconomics</subject><subject>Netherlands</subject><subject>Older people</subject><subject>Public Finance</subject><subject>Reforms</subject><subject>Retirement</subject><subject>Social policy</subject><subject>Studies</subject><subject>Tax rates</subject><subject>Workers</subject><issn>0013-063X</issn><issn>1572-9982</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2010</creationdate><recordtype>article</recordtype><sourceid>7TQ</sourceid><sourceid>8BJ</sourceid><sourceid>ALSLI</sourceid><sourceid>DPSOV</sourceid><sourceid>M0C</sourceid><sourceid>M2L</sourceid><recordid>eNp1UNFqFDEUDaLQtfoBfQt98WnsTTKZmfimZWtLFxVR8C2kmZvu1JnJmMwu7N_3rlMUBAPnXhLOOZwcxs4EvBUA9UUWUJW6AAGFEcoU8IythK5lYUwjn7MVgFAFVOrHCXuZ8wPQkWW1Ypu1S_2Bf8W5SzjgOPMPuHX7Lu4S70Y-b5F_Qpqpd2Ob3_H1vmtx9MivUhy4419i3_mjPsQ0vGIvguszvn7ap-z71frb5XWx-fzx5vL9pvBairnwUoAET1npGirQPsjW1Hc1eG1a451uvEfvjQ5Y1XdOhyAD6taoUIbSC3XK3iy-U4q_dphnO3TZY08ZMe6ybZSApm7Kipjn_zAf6GcjhbO1hlLWpWmIJBaSTzHnhMFOqRtcOlgB9tiuXdq1lNge27VAmttFk3BC_0fw000t-jhGu7fKCd3QPBDkUapcR1CE6feTsVJVdjsP5CYXt0xG4z2mvzH_H-ERPaeVeA</recordid><startdate>20100901</startdate><enddate>20100901</enddate><creator>Euwals, Rob</creator><creator>van Vuuren, Daniel</creator><creator>Wolthoff, Ronald</creator><general>Springer US</general><general>Springer</general><general>Springer Nature B.V</general><scope>DKI</scope><scope>X2L</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>0-V</scope><scope>0U~</scope><scope>1-H</scope><scope>3V.</scope><scope>7TQ</scope><scope>7WY</scope><scope>7WZ</scope><scope>7XB</scope><scope>87Z</scope><scope>8AO</scope><scope>8BJ</scope><scope>8FK</scope><scope>8FL</scope><scope>8G5</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ALSLI</scope><scope>AZQEC</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DHY</scope><scope>DON</scope><scope>DPSOV</scope><scope>DWQXO</scope><scope>FQK</scope><scope>FRNLG</scope><scope>F~G</scope><scope>GNUQQ</scope><scope>GUQSH</scope><scope>JBE</scope><scope>K60</scope><scope>K6~</scope><scope>KC-</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>M2L</scope><scope>M2O</scope><scope>MBDVC</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>Q9U</scope></search><sort><creationdate>20100901</creationdate><title>Early Retirement Behaviour in the Netherlands: Evidence From a Policy Reform</title><author>Euwals, Rob ; 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In the early 1990s the Dutch labour unions and employer organisations agreed to transform the generous and actuarially unfair early retirement (ER) schemes into less generous and actuarially fair schemes that reward individuals for postponing retirement. The starting dates of these new ER programs varied by industry sector. In this study, we exploit this variation in starting dates to estimate the causal impact of the policy reform on early retirement behaviour. We use a large administrative dataset, the Dutch Income Panel 1989–2000, to estimate hazard rate models for the retirement age. We conclude that the policy reform has indeed induced workers to postpone retirement. Both the wealth effect (lower ER wealth) and the substitution effect (lower implicit taxes on retirement postponement) are significant, the latter being more substantial.</abstract><cop>Boston</cop><pub>Springer US</pub><doi>10.1007/s10645-010-9139-0</doi><tpages>28</tpages><oa>free_for_read</oa></addata></record> |
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subjects | Age C41 Civil service D91 duration analysis Early retirement Economic Policy Economic Theory/Quantitative Economics/Mathematical Methods Economics Economics and Finance Incentives Income intertemporal choice J26 Labor force Labor law Labor supply Labor unions Microeconomics Netherlands Older people Public Finance Reforms Retirement Social policy Studies Tax rates Workers |
title | Early Retirement Behaviour in the Netherlands: Evidence From a Policy Reform |
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