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Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 14469
Verlag: 
Institute of Labor Economics (IZA), Bonn
Zusammenfassung: 
We study the labor supply implications of the Old-Age Pension Act (OPA) of 1908, which, for the first time, provided pensions to older people in the UK. Using recently released census data covering the entire population, we exploit variation at the newly created age-based eligibility threshold. Our results show a considerable and abrupt decline in labor force participation of 6.0 percentage points (13%) when older workers reach the eligibility age of 70. To mitigate the impact of population aging today, pension reforms aimed at increasing elderly labor supply, however, have to induce much larger behavioral responses than the OPA.
Schlagwörter: 
old-age assistance
labor supply
retirement
regression discontinuity design
equity-efficiency trade-off
JEL: 
D61
H21
H55
J14
J22
J26
Dokumentart: 
Working Paper

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