Fair Pension Policies with Occupation-Specific Ageing

• 成果类型: Article
• 署名作者: Grossmann, Volker; Schuenemann, Johannes; Strulik, Holger
• 署名单位: University of Fribourg; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; University of Gottingen
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/ueae038
• 发表日期: 2024
• 页码: 2835-2875
• 关键词: labor supply elasticities; deficit accumulation; earnings inequality; life expectancy; HEALTH; retirement; insurance; longevity; mortality; individuals

摘要

We study the optimal design of a fair public pension system in a multi-period overlapping generations model with occupation-specific morbidity and mortality that depends on the retirement age. The fairness constraint acts as institutional device ensuring that lifetime returns to contributions are equal across occupational groups. We consider group-specific replacement rates and a calculatory interest rate for early contributions as policy instruments. Calibrating the model to Germany, we find that the transition to optimal fair pension policies may induce early retirement of blue-collar workers and significantly raises their lifetime pension benefits and welfare. Aggregate welfare increases in all fair pension scenarios.