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Social security and retirement during transition: microeconometric evidence from Slovenia
Discussion Paper PI-00827
Pensions Institute
Oct 2008 Slovenia Scheme Issues & Trends, European Union members
The Pensions Institute has published discussion paper PI-00827, entitled "Social Security and Retirement During Transition: Microeconometric Evidence from Slovenia", by Aleš Ahcan and Sašo Polanec. This paper analyses old-age retirement decisions of Slovenian men and women eligible to retire in the period 1997-2003. In comparison to established market economies, it finds relatively high hazard rates of retirement that decline with age. This peculiar pattern can be partly attributed to weak incentives to work inherent in the design of Social Security, and is reflected in predominantly negative values of accruals, and to transition-specific increase in wage inequality in the late 1980s and early 1990s. This is reflected in low wages and relatively high pensions of less productive (skilled) workers and vice versa. The study also finds that the probability of retirement increases with social security wealth and decreases with net wages, although the response to option value to work, when controlling for wage differences, is rather weak. The results also imply that less educated people, people with greater private wealth, and people entitled to severance payment are more likely to retire.

More details are generally available exclusively to subscribers of Perspective, the electronic pensions legal & regulatory information and news service. To read the summary, subscribers should launch Perspective and navigate via the Table of Documents to PensionSurveys >> Oct 2008 or click here (this link will not work in all circumstances). For further information about Perspective click here.

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