Health and labor market effects of an unanticipated rise in retirement age. Evidence from the 2012 Italian pension reform

Author:

Serrano‐Alarcón Manuel12ORCID,Ardito Chiara1ORCID,Leombruni Roberto3,Kentikelenis Alexander2,d’Errico Angelo4,Odone Anna5,Costa Giuseppe46,Stuckler David2,

Affiliation:

1. European Commission Joint Research Centre (JRC) Ispra Italy

2. DONDENA Research Centre Bocconi University Milano Italy

3. Department of Economics and Statistics University of Torino Torino Italy

4. Epidemiology Unit of Piedmont Region ASL TO3 Grugliasco Turin Italy

5. Department of Public Health, Experimental and Forensic Medicine University of Pavia Pavia Italy

6. Department of Clinical and Biological Sciences University of Torino Torino Italy

Abstract

AbstractAs retirement ages increase around the world, not all workers may be equally able to extend their working lives. In this article, we examine the health and labor market effects of an Italian pension reform that suddenly increased the normal retirement age up to 7 years for women and up to 2 years for men. To do this, we use linked labor and healthcare administrative data, jointly with survey data and difference‐in‐difference methods. Our results show that the reform was effective in postponing retirement among both genders, as pension claiming dropped substantially for older workers. However, there were also side effects as the reform significantly pushed previously employed men and women into unemployment and disability pension. Among women only, the reform also increased sick leave and hospitalizations related to mental health and injuries. These effects were driven by women with previously low health status, suggesting that undifferentiated and abrupt increases in pension age might harm more vulnerable workers. Coherently with the milder tightening of retirement age experienced by men, labor market responses were smaller in size, and they did not suffer any significant health effects.

Funder

Norges Forskningsråd

Fondazione Cariplo

Ministero della Salute

Publisher

Wiley

Subject

Health Policy

Reference55 articles.

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2. To Work or Not to Work? The Effect of Higher Pension Age on Cardiovascular Health

3. The Effect on Mental Health of Retiring During the Economic Crisis

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