Does Delayed Retirement Crowd Out Workforce Welfare? Evidence in China

Datos Bibliográficos

ID3719244
AutoresZhen Hu (0000-0001-5487-676X, Northwest A&F University), James Yang (0000-0002-6179-1673), James G S Yang (Zhongnan University of Economics and Law, autor de correspondencia)
Año2021
Volumen11
Número4
Fecha de publicación2021-10-01
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaSAGE Open (JOURNAL)
Identificadores de la revistaISSN: 2158-2440 • E-ISSN: 2158-2440
EditorialSAGE Publications Inc (PUBLISHER)
DOI10.1177/21582440211054488
OpenAlexW3215196525
IdiomaEN
Citas recibidas3
Referencias citadas42

Does delayed retirement crowd out the welfare of the workforce? To answer this question, a dynamic optimization framework is established to simulate the impact of delayed retirement on the welfare of the working population over time. Simulations are conducted based on practical and feasible parameters. Delayed retirement was found to improve the welfare of the working population rather than crowding it out. Furthermore, the results are robust against changes in parameters and modes of supporting elderly individuals. In terms of policymaking, it is suggested that such facts be shared with the public and that a delayed retirement plan be introduced as soon as possible to manage the pension and retirement wave caused by post-1960s baby boomers. However, to ensure that the delayed retirement plan does not lead to a reduction in the welfare of the working population, increases in fertility costs and the pension replacement rate should be appropriately controlled

Crowding out · Demographic economics · Economic growth · Economics · Labour economics · Pension · Population · Population ageing · Retirement age · Welfare · Workforce · Financial Literacy, Pension, Retirement Analysis · Fiscal Policy and Economic Growth · Medicine · Retirement, Disability, and Employment · Finance