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Social Security Programs and Retirement Around the WorldDisability Insurance Programs and Retirement$
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David A. Wise

Print publication date: 2015

Print ISBN-13: 9780226262574

Published to Chicago Scholarship Online: May 2016

DOI: 10.7208/chicago/9780226262604.001.0001

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Health Status, Disability Insurance, and Incentives to Exit the Labor Force in Italy

Health Status, Disability Insurance, and Incentives to Exit the Labor Force in Italy

Evidence from SHARE

(p.411) 10 Health Status, Disability Insurance, and Incentives to Exit the Labor Force in Italy
Social Security Programs and Retirement Around the World

Agar Brugiavini

Franco Peracchi

University of Chicago Press

This chapter analyzes the retirement behavior of Italian employees by considering different pathways to retirement such as old age, early retirement and disability insurance. In particular, we focus on the role played by health conditions and socio-economic factors beyond and above the financial incentives associated to each pathway. These incentives are measured by the option value of working an extra year vis-à-vis leaving the labor force through one of the alternative routes. The Italian experience has been characterized for many years by a relevant early retirement option, but a renewed interest by workers for disability pensions could stem from the recent pension reforms, which introduced tighter eligibility criteria for early exits. The financial incentives of the different pathways are used in a dynamic way, controlling for health conditions measured by an overall health index. The econometric estimates are based on the SHARE data: we find that the recent reforms have induced some delay in the retirement decision and that health has important effects on the decision of working in old age.

Keywords:   pensions, social security, disability, early retirement, unemployment, labor force participation

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