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Retirement behaviour and retirement incentives in Spain

Raquel Vegas, Isabel Argimon (), Marta Botella () and Clara Gonzalez ()
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Marta Botella: Banco de España

No 913, Working Papers from Banco de España, Working Papers Homepage

Abstract: In this paper we analyse the role that Social Security wealth and incentives play in the transition to retirement in Spain. We use the labour records and other relevant information contained in a newly released database [Muestra Continua de Vidas Laborales (2006)] to construct incentive measures stemming from the Social Security provisions in relation to retiring at old age and investigate the role played by such incentives and by other socio-economic variables on the retirement hazard. We compute the effects of the reform that took place in 2002, which made the requirements to access a pension stricter in general. We carry out a dynamic reduced-form analysis of the retirement decision using a duration model. Our results show that both the pension wealth and substitution effects have a significant role on retirement decisions, but that the latter has less relevance since the reform introduced in 2002.

Keywords: older workers employment; retirement; public pensions (search for similar items in EconPapers)
JEL-codes: J14 J26 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2009-07
New Economics Papers: this item is included in nep-age, nep-eec and nep-lab
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:0913

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