Relationship of wealth, pension payments and health of pensioners: The case of Georgia universities

Abstract

Supporting those individuals who have reached retirement age is essential for any country, although academic staff deserves special attention. Professors face significant challenges as they reach retirement age. The article aimed to empirically substantiate the relationship between well-being, pension payments, and pensioners' health using the example of universities in Georgia. Based on the survey results, which 630 university professors attended before retirement and retirement age, the factors influencing the respondents' fear of losing their jobs in retirement we identified. By applying regression models, we evaluated the effectiveness of alternatives for improving the well-being of pensioners by increasing wages and state pensions. The efficacy of these alternatives differs depending on the health status of pensioners. It has been established that the differentiation of pension amounts depending on the length of service can increase the confidence in the well-being of pensioners without increasing the pension provision.