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Rethinking Pension Reform
By Giulia Giupponi & Arthur Seibold
Population ageing is exerting unprecedented fiscal pressure on social security systems around the world. In response, many governments are implementing or planning pension reforms, often aimed at encouraging later retirement. A long-standing literature in public economics and labour economics investigates how the design of pension systems affects individual labour supply and retirement choices. In recent years, this literature has seen a revival, with a wave of new studies from Europe and the US combining high-quality administrative data, rigorous empirical methods, and conceptual innovations. This body of work has substantially advanced our knowledge of the effectiveness of various policy tools in encouraging later retirement and their welfare implications.
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