Institution: | 1. Institute for International Policy Studies;2. Institute of Economic Research, Hitotsubashi University. E‐mail: . This project was undertaken as part of a research project exploring the interaction between the pension program, retirement, and the well‐being of the elderly, supported by Health and Labour Sciences Research Grants (FY2007–FY2008) and Project on International Equity (FY2006‐FY2010), supported by Ministry of Education, Culture, Sports, Science and Technology. We are grateful to the Ministry of Health, Labour and Welfare for providing us a micro‐level dataset from the Survey on Employment of the Elderly. We also thank Akiko Oishi for her very constructive comments. The views expressed in this paper are personal. |