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Social Security Programs and Retirement around the WorldReforms and Retirement Incentives$
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Axel Börsch-Supan and Courtney C. Coile

Print publication date: 2021

Print ISBN-13: 9780226674100

Published to Chicago Scholarship Online: September 2021

DOI: 10.7208/chicago/9780226674247.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 26 June 2022

Trends in Employment and Social Security Incentives in the Spanish Pension System, 1980–2016

Trends in Employment and Social Security Incentives in the Spanish Pension System, 1980–2016

Chapter:
(p.317) 9 Trends in Employment and Social Security Incentives in the Spanish Pension System, 1980–2016
Source:
Social Security Programs and Retirement around the World
Author(s):

Pilar García-Gómez

Sílvia Garcia-Mandicó

Sergi Jiménez-Martín

Judit Vall-Castelló

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226674247.003.0009

In this chapter, we analyze the association between financial incentives and retirement decisions using aggregate data over four decades in Spain. We first compute expected social security benefits from each possible retirement pathway at ages 55 to 69 for a representative worker for each cohort falling in this age range in our observational period. We allow representative workers to differ by marital status, gender, and earnings level. We calculate an implicit tax rate on employment, a measure that weights the gains and losses from working one additional year for each representative worker, and we examine its correlation with employment rates for older workers. The results suggest that financial incentives play a role in explaining the retirement patterns of both employed and unemployed workers.

Keywords:   employment, Spain, pension reform, old-age pension, incentives, benefits, older workers, earnings, implicit tax, working longer

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