Retirement decisions in transition: microeconometric evidence from Slovenia

Polanec, Sašo; Ahčan, Aleš; Verbič, Miroslav

doi:10.1080/14631377.2013.756703

Cited by 11 publications

(3 citation statements)

References 32 publications

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“…The explanation for large shares of 'involuntary' early retirement in Eastern European countries (namely Hungary, Slovenia and Poland) was found in their industrial restructuring and economic transition (Dorn & Sousa-Poza, 2010). In the 1990s, the costs of transition were shifted to the pension system through mass early retirement (Polanec, Ahčan, & Verbič, 2013), which was the case in Croatia as well (Vehovec, 2003;Rutkowski, 2007). Many elderly workers who lost their jobs and lacked skills to find new ones withdrew from the labor force through early retirement.…”

Section: Introductionmentioning

confidence: 99%

Predictors of Early Retirement Intentions in Croatia

Bađun

Smolić

2018

Drustvena istrazivanja

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In this paper, we use the SHARE (Survey of Health, Ageing and Retirement in Europe) Wave 6 dataset to look into the socio-demographic, health, well-being, financial and work--related predictors of intended early retirement in Croatia. We estimate logit regression models. Based on our research, early retirement seems to be more appealing to people who work in the private sector, who have poor quality of life, who are less educated, or report poor health status. Amending the pension system in terms of making early retirement a less attractive choice is not enough. Many Croatian employees would be ready to work longer if they had better jobs, education, and health. These are the policy areas where Croatia needs large improvements.

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Section: Introductionmentioning

confidence: 99%

Predictors of Early Retirement Intentions in Croatia

Bađun

Smolić

2018

Drustvena istrazivanja

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“…The incidence of early retirement in transition countries had been documented by Jan Svejnar (1996), Miroslav Verbič (2007 and Sašo Polanec, Aleš Ahčan, and Verbič (2013). In early 1990s, transition countries experienced the crisis of PAYG pension systems.…”

Section: Review Of the Literaturementioning

confidence: 99%

Aging population and public pensions: Theory and macroeconometric evidence

Verbič

Spruk

2014

Panoeconomicus

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Rapidly aging population in high-income countries has exerted additional pressure on the sustainability of public pension expenditure. We present a theoretical model of public pension expenditure under endogenous human capital, where the latter facilitates a substantial decrease in equilibrium fertility rate alongside the improvement in life expectancy. We demonstrate how higher life expectancy and human capital endowment facilitate a rise of net replacement rate. We then provide and examine an empirical model of old-age expenditure in a panel of 33 countries for the period 1998-2008. Our results indicate that increases in effective retirement age and total fertility rate would reduce age-related expenditure substantially. While higher net replacement rate would alleviate the risk of old-age poverty, further increases would add considerable pressure on the fiscal sustainability of public pensions.

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“…Over the last decade, including the period of economic crisis since 2008, the employment rate of the older age group rose in the EU-27 (from 36.9 percent in 2000 to 47.4 in 2011), whereas in Slovenia the 1999 pension reform did in fact increase the relevant employment rate (from 22.7 in 2000 to 33.5 in 2007), but then it has been decreasing since the onset of the crisis (Verbič, 2007). It is interesting though that during the period of economic crisis Slovenia has recorded an upward trend in the employment rate of older women, whereas that of older men has declined by no less than 5.8 percentage points as a consequence of the fact that the economic and financial crisis in Slovenia more seriously affected those economic activities where male workers prevail, such as in the construction industry (Polanec et al, 2013). Additionally, the ratio between economically active and retired people, which is on the decrease in Slovenia, was 1.46 in 2012 (in 2000 it was 1.80).…”

Section: Introductionmentioning

confidence: 97%

Job Satisfaction of Older Workers as a Factor of Promoting Labour Market Participation in the EU: The Case of Slovenia

Aristovnik

Jaklič

2013

rsp

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This paper deals with the study of older workers' job satisfaction as a factor that, combined with other personal and job-related factors, can significantly influence the decision to postpone retirement when this decision is in the hands of an individual. Starting from the fact that the employment rate of older workers in Slovenia in 2011 was the lowest in the EU, the article aims to establish the level of older workers' job satisfaction in Slovenia compared to the EU, analyse its dimensions, its specifics related to age, gender, sector of economic activities and type of profession, as well as ascertain what determines it the most. A statistical analysis of the results of the Fifth European Working Conditions Survey of 2010 reveals that Slovenia ranks 15 th among the EU member states in terms of older workers' job satisfaction, thus lagging behind the EU average. While Slovenian older workers, the same as their European counterparts, are most satisfied with doing useful work and the least with their prospects for career advancement, a comparison with other EU member states shows that they are relatively dissatisfied with working conditions, salary and adequacy of the motivation to give one's best performance, and relatively satisfied with doing useful work and with their colleagues. The analysis also shows that the level of older workers' job satisfaction in Slovenia is determined most by their satisfaction with the adequacy of the motivation to give one's best performance.Key words: older workers, job satisfaction, employment, labour market participation, EU, Slovenia. INTRODUCTIONCountries have responded to the demographic challenges of the ageing population, stemming from workforce ageing and reduction, as well as the pressures on the pension fund, by increasing the labour participation rate (Diaz Diaz, 2012 The decision to work or to retire is influenced by the macro-social environment (Flynn, 2010, p. 309) which is represented by the national labour legislation and the pension system, personal factors, family influences, negative and positive incentives offered by employers as well as factors related to work. The factors of retirement are divided (Humphrey et al., 2003;Irving et al., 2005) into those which push individuals towards withdrawing from the labour market (i.e. push factors) and those that pull them to abandon work (i.e. pull factors). These explain, individually or in a mutual interaction, the individual decision of a person to withdraw from the labour market. As a rule, the push factors are negative and affect the involuntary decision of an employee to withdraw from the labour market. The most frequent push factors (Irving et al., 2005, p. 42), which separately or combined affect the withdrawal from the labour market earlier than when a person wants it to happen or than it is normal, include a poor health condition and the laying off of redundant employees. Besides illness and redundancies, the push factors include decreased motivation for work (Humprey et al., 2003), negative changes in t...

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Retirement decisions in transition: microeconometric evidence from Slovenia

Cited by 11 publications

References 32 publications

Predictors of Early Retirement Intentions in Croatia

Predictors of Early Retirement Intentions in Croatia

Aging population and public pensions: Theory and macroeconometric evidence

Job Satisfaction of Older Workers as a Factor of Promoting Labour Market Participation in the EU: The Case of Slovenia

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