Pension reforms, longevity, and late-life employment : evidence from sixteen countries

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      <subfield code="a">Pension reforms, longevity, and late-life employment</subfield>
      <subfield code="b">: evidence from sixteen countries</subfield>
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      <subfield code="a">Employment rates for workers aged 5564 increased by an average of 28.5 percentage points across sixteen countries between 2004 and 2019, reversing decades of decline. Using harmonized Health and Retirement Study data, this paper documents that employment gains concentrated among women, healthier individuals, and more educated workers, and occurred mainly at the extensive margin. Contrary to prior research, changes in weekly hours were mixed. We show that longevity improvements amplify pension reform effects: when survival probabilities rise, actuarial adjustments for delayed claiming provide higher benefits over longer periods, strengthening work incentives. Countries experiencing both pension reforms and substantial longevity gains saw employment increases 1520 percentage points larger than those with reforms alone. Our lifecycle framework formalizes this mechanism and predicts heterogeneity by demographics. Findings suggest that pension reform effectiveness depends critically on demographic context and that raising retirement ages is more effective than hours-flexibility policies.</subfield>
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      <subfield code="w">MAP20210010194</subfield>
      <subfield code="g">03/07/2026 Volumen 35 - 2026 </subfield>
      <subfield code="t">The Journal of the economics of ageing </subfield>
      <subfield code="d">Oxford : Elsevier ScienceDirect, 2021-</subfield>
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      <subfield code="u">https://doi.org/10.1016/j.jeoa.2026.100659</subfield>
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