Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/214595 
Year of Publication: 
2017
Series/Report no.: 
CREMA Working Paper No. 2017-02
Publisher: 
Center for Research in Economics, Management and the Arts (CREMA), Zürich
Abstract: 
The return on investments in human and social capital increases in their economic lifetime. Thus, personal, parental, and societal investments in the capacities of individuals take place when these persons are young. Interestingly, the complementary thesis has been widely neglected; investments in the productive capacities of older workers—by the employees themselves, their employers, and their co-workers—should be expected to depend on the time left before retirement. In this paper, we analyze how an increase in the statutory retirement age affects investments in the productivity of older workers. We compare pre- and post-pension reform cohorts and estimate the treatment effect on training participation, job involvement, support from colleagues, and leisure activities. Using a Swiss natural experiment, we find strong support for higher human and social capital investments and the reallocation of time from leisure to work.
Subjects: 
Pension reform
natural experiment
old-age productivity
human capital
social capital
allocation of time
JEL: 
H55
J14
J24
J26
Document Type: 
Working Paper

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