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Effects of Future Pension Benefits on Pre-retirement Labor Supply: Evidence from Chile
Abstract

In this paper, I estimate the effect of future pension benefits on pre-retirement labor supply for a representative sample of Chilean workers. Using non-linear patterns in pension benefit formulas and a reform that changed non-contributory pensions, I estimate the effect of pension accrual and expected pension wealth on labor force and contributory-sector participation, labor earnings, and hours worked. I find that the effect is related to the impact of pension accrual on the probability to contribute to the pension system. The effect is heterogeneous, and is concentrated among middle-age workers, low-skilled workers, workers with no savings, and workers with higher financial literacy.

Autores:
Oscar Becerra
Palabras clave:
Labor supply, pension benefits, financial literacy.
Archivo:
Año:
2018
Mes:
Noviembre
Número:
55