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Training Background and Early Retirement

Raymond Montizaan (), Frank Cörvers () and Andries de Grip ()

No 3504, IZA Discussion Papers from Institute for the Study of Labor (IZA)

Abstract: Several studies show that employees with firm-specific skills are more likely to be covered by employer-sponsored pension schemes than workers with general skills. Therefore it can be expected that workers with firm-specific skills retire earlier. This paper tests this prediction using US data from the National Longitudinal Survey of Older Men. We find that workers who participated in firm-specific training in their early careers retire earlier than workers with a general training background. This indicates that shared investments in firm-specific training are embedded in implicit contracts that induce early retirement. The results remain robust when controlling for technological change and work commitment.

Keywords: retirement; deferred compensation; training (search for similar items in EconPapers)
JEL-codes: J14 J26 J31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age, nep-hrm and nep-lab
Date: 2008-05
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Published as 'Training and retirement patterns' in: Applied Economics, 2013, 45 (15), 1991-1999

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