Do Pension Reforms Affect Migrants Differently? Evidence from Germany and Spain

Emre Kurt () and Hao Wei ()
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Emre Kurt: University of Insubria
Hao Wei: Friedrich Schiller University Jena

No 2026-013, Jena Economics Research Papers from Friedrich-Schiller-University Jena

Abstract: This paper examines whether migrants and native-born workers respond differently to pension reforms that encourage longer working lives. Using longitudinal data from SHARE Waves 4–9 for Germany and Spain, we construct individual reform exposure based on country-specific reform timing, birth-cohort eligibility, and proximity to retirement age, and estimate models with individual and survey-wave fixed effects. Reform exposure is associated with a lower probability of retirement, with suggestive evidence of an additional decline among migrants. This migrant differential is particularly pronounced in Spain, while the corresponding estimate is small and statistically insignificant in Germany, although formal cross-country tests do not establish a statistically significant difference between the two countries. Complementary analyses indicate that adjustment is concentrated around retirement ages rather than reflecting a broad increase in employment, while evidence for effects on mental health and generalized trust is limited. Overall, the findings suggest that migrants may respond differently to pension reform, but that these differences are concentrated at specific retirement margins and depend on the institutional context

Keywords: Migration; Retirement; Mental Health; Generalized Trust; SHARE (search for similar items in EconPapers)
JEL-codes: H55 J14 J15 J26 (search for similar items in EconPapers)
Date: 2026-10-13
New Economics Papers: this item is included in nep-age, nep-dem, nep-eur, nep-lma, nep-mig and nep-soc
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Persistent link: https://EconPapers.repec.org/RePEc:jrp:jrpwrp:2026-013

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