The Impact of Retirement on Subjective Well-Being: Evidence from Chinese Formal Sector Workers

Tianshu Jiang, Hongli Fan () and Qian Wei
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Tianshu Jiang: Shandong University
Hongli Fan: Shandong University of Finance and Economics
Qian Wei: Shandong University

Journal of Happiness Studies, 2024, vol. 25, issue 7, No 14, 22 pages

Abstract: Abstract Using data from the China Health and Retirement Longitudinal Study (CHARLS), we examine the impacts of retirement on subjective well-being (SWB) among formal sector workers in China. Retirement negatively affects formal sector workers’ life satisfaction, marital satisfaction, and satisfaction with children, as well as worsens depression. We compare the impacts of retirement based on labor force participation with those based on statutory retirement under the mandatory retirement policy on SWB. Both retirement criteria exhibit negative impacts on SWB; however, because many workers continue to work even after being classified as retired statutorily, the negative effect of retirement on SWB is underestimated when using the statutory retirement definition. Additionally, the analyses of gender, regional, and occupational heterogeneity indicate that different subgroups exhibit the same negative impacts of retirement on SWB; however, the significance levels vary across different outcome variables. Finally, by discussing the push and pull factors on retirement decisions and conducting a mechanism analysis, we enrich the narrative on the impact of retirement on SWB and provide evidence for the reform of retirement postponement policies in China.

Keywords: Retirement; Subjective well-being; Retirement policy; China (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s10902-024-00808-w

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