Implications of higher retirement age for the labor market-Reference-Cited by-同舟云学术

Implications of higher retirement age for the labor market

Published:2017-03-20 Issue:3 Volume: Page:22-39
ISSN:0042-8736
Container-title:Voprosy Ekonomiki
language:
Short-container-title:Vopr. èkon.

Author:

Ivanova M.¹,Balaev A.¹,Gurvich E.¹

Affiliation:

1. Economic Expert Group; Financial Research Institute

Abstract

The paper considers the impact of the increase in retirement age on labor supply and economic growth. Combining own estimates of labor participation and demographic projections by the Rosstat, the authors predict marked fall in the labor force (by 5.6 million persons over 2016-2030). Labor demand is also going down but to a lesser degree. If vigorous measures are not implemented, the labor force shortage will reach 6% of the labor force by the period end, thus restraining economic growth. Even rapid and ambitious increase in the retirement age (by 1 year each year to 65 years for both men and women) can only partially mitigate the adverse consequences of demographic trends.

Publisher

NP Voprosy Ekonomiki

Subject

Economics and Econometrics,Finance

Reference13 articles.

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3. Gurvich E. T. (2010). Reform of 2010: Are the long-term problems of the pension system properly settled? Zhurnal Novoy Ekonomicheskoy Assotsiatsii, No. 6, pp. 98—119. (In Russian).

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