Social security and the elderly: A simulation of policy changes |
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Authors: | A. Zabalza D. Piachaud |
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Affiliation: | London School of Economics, London, UK |
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Abstract: | This paper investigates the labour supply effects and the corresponding financial implications that would result from some specific changes in the British social security system. For that purpose it uses a previously estimated model of labour supply decisions by elderly people and carries out a simulation exercise of each of the policy changes considered. These are: raising the state retirement pension, abolishing the earnings rule, changing the statutory pensionable age and introducing a system of flexible retirement. We find that, of the four policy changes considered, the last two would have the largest labour supply effects. |
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