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Copyright of Wirtschafts- und Sozialwissenschaftliches Institut Mitteilungen is the property of Nomos Verlagsgesellschaft mbH & Co. KG and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article characterizes optimal social security in economies with agents who exhibit loss aversion. Two forms of loss aversion are explored. In the first, workers have a fixed retirement age and are loss averse over private savings. This motivates a more generous social security program. In the second, workers do no private savings but can choose their retirement age, exhibiting loss aversion over the foregone leisure time from delayed retirement. Social security benefits consequently rise steeper with retirement age and an earlier normal retirement age is optimal. In both cases, optimal policy is highly sensitive to the introduction of loss averse preferences. [ABSTRACT FROM AUTHOR]

Background and purpose: Health care resource utilization (HCRU) and the economic burden of myasthenia gravis (MG) are significant, but existing studies rarely include comprehensive nationwide data. We examined HCRU and direct and indirect costs associated with MG overall and by disease severity in Denmark, Finland, and Sweden. Methods: Data were collected retrospectively from nationwide health and social care registries. All individuals ≥18 years of age with ≥2 International Classification of Diseases diagnoses of MG between 2000 and 2020 were included. HCRU, direct (inpatient and outpatient contacts, medication) and indirect costs (early retirement, sick leave, death), and associated factors were calculated. Results: The full study cohort comprised 8622 people with MG (pwMG). Mean annual numbers of all‐cause secondary health care contacts for pwMG were 3.4 (SD = 8.3), 7.0 (SD = 12.3), and 2.9 (SD = 3.9), with mean annual total costs of €12,185, €9036, and €5997 per person in Denmark, Finland, and Sweden, respectively. Inpatient periods, involving 77%–89% of study participants in the three countries, contributed most to direct costs, whereas the majority of indirect costs resulted from early retirement in Denmark and Finland, and sick leave periods in Sweden. Mean annual total costs were highest with very severe MG (€19,570–€33,495 per person across the three countries). Female sex and comorbidities, such as mental and behavioral disorders and severe infections, were also associated with higher total costs. Conclusions: This population‐based study shows a high level of HCRU and a significant direct and indirect economic burden of MG across three Nordic countries, especially for severe forms of MG. [ABSTRACT FROM AUTHOR]

We examine the causal effect of early retirement on medication use using Danish registry data. A reform in early retirement schemes in 2006 gradually increased eligibility ages from 60 to 64 differentially across birth cohorts. This enables an instrumental variable design that was applied using novel g-estimation methods that alleviate bias in binary outcome IV models. Our data allow studying patterns in the short run (ages 59½–60½) and in the long run (ages 57–63). For those who were eligible already at age 60, retirement did not change overall medication use. However, when investigating medication and population subgroups, we see that painkiller use decreases and hypertension medication as well as mental health medication use increase after retirement in almost all population subgroups. Moreover, males as well as the blue-collar occupation subgroups do show decreases in overall medication use after early retirement. In conclusion, our analyses reveal that retirement can have important heterogeneous health effects across population groups and are potentially informative about the welfare benefits of social insurance more broadly. [ABSTRACT FROM AUTHOR]

This study examines the problem of choosing optimal consumption, investment, early retirement, and effort levels for an economic agent who is unwilling to reduce their consumption over time. The agent's income depends on a fixed wage rate, and varies proportionally with their level of effort, which incurs disutility due to labor. By applying the dual-martingale method, we reformulate the problem into its dual form, dividing it into two distinct sub-problems: one focuses on selecting a consumption path that does not decrease, while the other determines the optimal timing for early retirement. Using this method, we find optimal strategies in the form of explicit closed-form solutions. [ABSTRACT FROM AUTHOR]

Copyright of Deutsches Institut für Wirtschaftsforschung: DIW-Wochenbericht is the property of DIW Berlin and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Objective: Work phobic anxiety can occur as an additional problem in any somatic illness and is often associated with work capacity limitations and sick leave. This study investigates work‐related capacity limitations in patients with and without work phobic anxiety who are undergoing neurological rehabilitation. It was conducted in the rehabilitation facility Brandenburgklinik Berlin‐Brandenburg in Germany. Methods: Work phobic anxiety was assessed with the Workplace Phobia Scale (WPS). The response rate was 69.51%. Capacity limitations (Mini‐ICF‐APP) were compared between 19 patients with neurological conditions and work phobic anxiety and 209 patients with neurological conditions without work phobic anxiety. Work participation restrictions were examined and compared using the self‐ and observer rated Index for Measuring Participation (IMET, IMEP‐O). The work ability assessments regarding the patients' last occupation as well as the general labor market were conducted by the treating physicians as part of their medical reports and compared between the subgroups. The work ability was rated as less than 3 h, 3 to less than 6 h, or 6 h or more a day for more than 6 months, with the latter being an indication for prognostic work ability and potential reintegration into the labor market. This is a common classification in sociomedical assessments in Germany. Results: Independent t‐tests showed that patients with work phobic anxiety were significantly more limited in their planning and structuring of tasks (t[20.104] = 2.310, p = 0.032, d = 0.68), flexibility (t[217] = 3.586, p < 0.001, d = 0.86), assertiveness (t[19.613] = 2.151, p = 0.044, d = 0.70), group integration (t[19.534] = 2.274, p = 0.034, d = 0.76), and mobility capacities (t[16.616] = 2.198, p = 0.042, d = 0.76) and significantly more restricted in participating in work compared to patients without work phobic anxiety (IMEP‐O: t[23.549] = 2.298, p = 0.031, d = 0.40; IMET: t[27.191] = 4.581, p < 0.001, d = 0.78). Chi‐squared tests revealed no significant differences in the physicians' work ability assessments between patients with and without work phobic anxiety. Conclusions: While work phobic anxiety seems to not be decisive concerning early retirement assessments, it is associated with greater capacity limitations and work participation restrictions. The results highlight the need for identifying work phobic anxiety and associated capacity limitations in clinical practice. [ABSTRACT FROM AUTHOR]

How does plant closure affect the employment and well-being of displaced workers? This article presents the results of two surveys of workers at five manufacturing plants two and 11 years after mass layoffs. After two years, two-thirds of displaced workers had been re-employed, one in five workers was still unemployed, and one in 10 workers had retired. A decade after the plant closures, unemployment had fallen below 5%. Overall, post-displacement outcomes in Switzerland were more favourable than in other European plant closures. However, age disparities loomed large. Older workers struggled to find new jobs and often had to accept large wage cuts and unstable jobs. In particular, many workers in their late forties and early fifties were hit hard as they were too young to benefit from early retirement, but too old to start over. [ABSTRACT FROM AUTHOR]

Intercollegiate athletics offer amateur athletes an approximately four-year window to pursue their athletic careers (Hodges & Darvin, 2022). While many athletes complete their full eligibility, some choose to retire early (Zvosec & Bass, 2022). At the NCAA Division III level, motivations for early retirement remain unclear, and the experiences of former student-athletes often are overlooked (Hodges & Darvin, 2022; Zvosec & Bass, 2022). Despite Division III's large athlete population, research seldom delves into their experiences. This study aims to explore why former Division III athletes voluntarily leave their sport. Transitioning out of collegiate sports poses significant challenges, affecting athletes' identities, career goals, and well-being. The Theory of Work Adjustment (TWA) offers a framework for understanding this transition (Hesketh & Griffin, 2005). TWA emphasizes aligning individual skills, values, and environmental requirements, providing insights into how athletes experience this phenomenon (Camire et al., 2012). Semistructured interviews with 15 early retirees revealed factors influencing their decision, including controlling coaching behavior, a win-at-all-costs culture, lack of support, and burnout. This study sheds light on the Division III student-athlete experience, informing coaches, administrators, and institutions. [ABSTRACT FROM AUTHOR]

Background: Chronic diseases are a significant and growing problem of our time. They impair the ability to work and increase the risk of early retirement. To support the return to work, rehabilitation services can be applied for in Germany. Currently, the application system for rehabilitation allows only a limited degree of individualisation of the treatment and is associated with a lack of multidisciplinary communication. To facilitate rehabilitation care planning, we developed a complex intervention. A digital, platform-based case management approach (intervention) will ensure multidisciplinary communication and the tailored selection of medical treatments and/or non-medical support measures. The overall objective is to assess the effectiveness of the intervention compared to treatment as usual (control condition). The German Federal Ministry of Labour and Social Affairs (BMAS) funds the RehaPro-SERVE study (grant number: 661R0053K1). Methods: This is the protocol for an investigator-initiated, pragmatic, multicentre, randomised and controlled two-arm parallel-group superiority trial with embedded qualitative process evaluation. The study will be conducted in Hesse state, Germany. N = 59 primary care physicians will be recruited and tasked with the recruitment of six eligible patients each. Eligibility criteria: age 40–60; minimum of 4-week work disability due to musculoskeletal, oncologic or psychological conditions or the post-COVID-19 syndrome within the last 6 months; at high risk for early retirement. In total, n = 352 patients will be randomised with a 1:1 allocation to intervention or control group and stratified by primary care practice using permuted blocks. The primary outcome is the number of days of sick leave during a 12-month period after the assumed completion of treatments (t1 to t2). Secondary outcomes include the number of days of sick leave (self-report), work ability, and health-related quality of life, as well as data from the qualitative process evaluation. Discussion: The results of the study will inform the design of future care services and provide valuable information on multidisciplinary case management in the context of rehabilitation care planning. The results of the qualitative process evaluation will further contribute to the understanding of facilitating and hindering factors. Trial registration: DRKS-German Clinical Trials Register, DRKS0 00242 07. Registered on 22 March 2021. [ABSTRACT FROM AUTHOR]

Although recent studies examined the factors influencing older workers' early retirement decisions, little is known about how age-related shifts in social roles from the work to family domains affect older workers' early retirement intentions. Guided by role theory, we propose that flexible human resource (HR) practices are negatively related to older workers' early retirement intentions via decreased role conflict (work–family and family-work conflict). Furthermore, we take a role identity perspective and argue that gender may work as a fundamental contingency factor influencing the relationship between role conflict (work–family and family-work conflict) and early retirement intentions. Data were collected from Chinese organizations with a matching sample of 228 older workers (aged 45 years and older) and HR managers from 48 organizations, and a multilevel path analysis was conducted to test the hypotheses. The results showed that flexible HR practices have a negative indirect relationship with early retirement intentions through decreased family-to-work conflict. The influence of family-to-work conflict on early retirement intentions is stronger for women than for men. We also found that the effect of work-to-family conflict on early retirement intentions is stronger than that of family-to-work conflict. Theoretical and practical implications of these results are discussed. [ABSTRACT FROM AUTHOR]

With the demand for energy transition in all sectors, the power sector in Indonesia faces a bump in the road. The poorly planned construction of coal-fired power plants ('CFPPs'), primarily concentrated in Java, has resulted in a significant issue of overcapacity and long-term operation contracts that cannot be nullified. Indonesia's promise to retire the CFPPs at the United Nations Climate Change Conference ('COP') 26 must then be scrutinized, as such changes would mean a sudden change in economic, social, and legal conditions. Today, regulations are deficient and retirement plans are stagnant, with the roadmap for retirement unreleased. Further, the existing legal framework violates the hierarchy of laws in Indonesia and only concerns retirement impacts to the electricity State Owned Enterprise, electricity consumers by extension, and the central government. Whereas in fact, there are many other stakeholders such as workers of the CFPPs and local governments. This research then aims to criticize the promise and highlight the socio-economic impacts of CFPPs early retirement that have not been anticipated as well as the legal flaws of the current retirement framework. By the end, the paper recommends corrections to the current legal product mandating retirement, which acts as a solution to accommodate both the socio-economic-legal critic to the early retirement. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

Introduction: Effective medical staffing is pivotal for a successful healthcare system, demanding strategic planning to ensure a high‐quality service. Although the UK's doctor to population ratio has improved over time, it remains below global averages. The COVID‐19 pandemic has exacerbated existing challenges, resulting in an unprecedented NHS waiting list with Ear, Nose, and Throat (ENT) surgeries ranking third highest in waiting times amongst all specialties. Methods: This study utilized a national jotform survey to gather data from ENTUK members, primarily focusing on consultant staffing within ENT departments across the UK. Additional information collected encompassed registration status, part‐time roles, gender, vacancies, locum roles, associate specialists, registrars and other junior doctors, and advanced nurse practitioners. When survey responses were inadequate, direct communication was established with departmental consultants or secretaries, followed by Freedom of Information requests as necessary. All data were compiled using Microsoft Excel. Results: Among the 65 responses to the ENTUK survey, 53 individual trusts were identified. These included 41 English acute trusts, with supplementary participation from Scotland, Wales, and Northern Ireland. Data from 749 consultants across 115 English acute trusts were collected in combination with a Freedom of Information request. Conclusion: Despite an increased number of ENT consultants, the persistence of unfilled posts coincides with mounting waiting lists. The pandemic's effects, including early retirements and part‐time roles, emphasise the urgency of expanding training positions to counterbalance these shifts. Local and national interventions are essential to fortify and diversify the ENT workforce through a variety of strategies. [ABSTRACT FROM AUTHOR]

Chronic obstructive pulmonary disease (COPD) is among prevalent occupational diseases, causing early retirement and disabilities. This paper looks into occupational-related COPD prevention and intervention in the workplace for Industry 4.0-compliant occupation health and safety management. The economic burden and other severe problems caused by COPD are introduced. Subsequently, seminal research in relevant areas is reviewed. The prospects and challenges are introduced and discussed based on critical management approaches. An initial design of an Industry 4.0-compliant occupational COPD prevention system is presented at the end. [ABSTRACT FROM AUTHOR]

Objectives: Many teachers worldwide retire early for health or personal reasons. Predictors could help to identify teachers at risk in order to counteract this development. The study therefore investigates whether the intention to retire can be predicted by work ability, psychosocial work stress and work behaviour. Material and Methods: The data came from a representative cross-sectional study of German secondary school teachers (N = 18 971). The analyses included 1496 full-time teachers aged ≥50 years (58% female). Teachers were assigned to 1 of 2 groups based on their intention to take early or regular retirement. A binomial regression model was used to analyze the predictive power of the intention to retire for the following factors: work ability index (WAI) -- factor 1, effort-reward ratio (ER ratio), overcommitment (OC), age and gender. In addition, a qualitative analysis of the teachers' suggestions was carried out regarding which measures would make the regular retirement age attainable. Results: Half (49%) of the teachers intended to retire early, with the proportion of women being around twice as high (67%) as men (33%) (d = 0.37). The analyzed predictors explained a total of 22% of the variance. The WAI factor 1 proved to be the most important predictor (variance explanation: 14%). Effort-reward ratio and OC each contributed around 10% to the variance explanation of the retirement intention. The probability of taking early retirement increased with decreasing work ability, increasing ER ratio and a high tendency to overcommit; age and gender were of secondary importance. Teachers suggested a reduction in compulsory hours (46%), relief from extracurricular tasks (45%) and smaller classes (29%) as decisive measures for achieving regular retirement. Conclusions: Work ability index factor 1, ER ratio and OC could be used as part of occupational health prevention programmes to identify and advise older teachers at risk who need support. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Derecho de la Seguridad Social, Laborum is the property of Ediciones Laborum S.L. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study explores the impact of COVID‐19‐related job loss on early retirement withdrawals, highlighting the roles of financial hardships, subjective well‐being, financial knowledge, and emergency savings. Drawing from 2929 respondents, the research identified that job loss increases early withdrawals, both directly and through financial hardships and well‐being perceptions. Notably, individuals with greater financial knowledge and at least 3 months of emergency savings experience less negative impact from job loss. Our findings emphasize the vital role of employers in offering workplace financial education and promoting emergency savings. This aligns with the SECURE 2.0 Act's strategies and underlines the significance of financial readiness in buffering against the economic fallout of unexpected events like the COVID‐19 pandemic. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper aims to capture the interrelationship between two life transitions linking the generation of elderly parents and their adult children: early retirement and the transition to (grand)parenthood. A (grand)parents' early retirement might be driven by the need to care for a grandchild. Conversely, the transition of their adult children into parenthood might be shaped by the availability of flexible, reliable, and affordable childcare provided by retired (grand)parents. Employing an event history approach, we examine the reciprocal influence that the birth of the first grandchild and early retirement have in midlife. Our study focuses on gender and socio-economic differences drawing on the SHARE multi-country dataset. Results show that becoming a grandparent increases the chances of early retirement for both men and women, slightly more among grandmothers than grandfathers. Among new grandfathers, those with higher education are more likely to go into early retirement compared to their less-educated counterparts. Early retirement, on the contrary, does not predict grandparenthood in a significant way, though there is a relatively higher chance of becoming a grandfather if the person who retired is highly educated. [ABSTRACT FROM AUTHOR]

This paper examines the impact of Artificial Intelligence (AI) on early retirement (ER) decisions in Europe. For the analysis, we utilize microdata from the Survey of Health, Ageing and Retirement in Europe, along with occupation-level data on AI advances and AI exposure. Initially, we investigate the influence of AI advances and AI exposure separately, finding in both instances a significant reduction in ER likelihood, though this only applies to workers with higher education. Subsequently, we explore the interaction between AI advances and AI exposure concerning ER probability. This interaction proves critical in determining AI's impact on ER transitions. Specifically, we observe a significant reduction in ER probabilities for workers whose occupations exhibit high levels of AI advances and high expectations for further implementation of this technology in the future. Finally, we jointly analyse the interaction between AI advances, AI exposure, and education level. This analysis highlights that workers' ER probabilities may either increase or decrease in response to the AI revolution, depending on their education level and the characteristics of their occupations in terms of AI advances and AI exposure. [ABSTRACT FROM AUTHOR]

Adult education may keep older workers productive if they voluntarily engage in learning. Examining a generous partial retirement reform in Germany that encouraged early retirement among male workers, we estimate voluntary adult education activities for early retirees. Using county-level administrative data on all public adult education centers (Volkshochschulen; VHS), we employ a difference-in-differences approach exploiting the predetermined county-specific age structure of men for identification. The results show a strong increase in participation in adult education, specifically in cognitively demanding courses. This supports an intrinsic willingness of older workers to acquire skills and abilities independent of financial incentives. [ABSTRACT FROM AUTHOR]

Over the last two decades, social security reforms in several European countries have turned early retirement routes for older workers increasingly difficult. The size of the effects of these reforms on labour supply and social security transfers, and how these effects interact with workers' characteristics have yet to be measured. This article sheds light on this issue by exploring the consequences of postponing access to an old-age unemployment programme—from age 58 to 60—in Belgium. The programme provides laid-off workers with a combination of unemployment benefits and a monthly supplement paid by the employer until the full retirement age. Exploiting register data on the universe of workers and using a difference-in-difference identification strategy, the authors find that UCS eligibility negatively affects employment participation but also mitigates older workers' participation in other social security programmes. [ABSTRACT FROM AUTHOR]

Non-employment including early retirement among individuals of older working age is a considerable concern. As life expectancies across the developed world continue to increase, individuals' retirement savings often turn out to be inadequate. In policy circles, given the increasing old-age dependency ratio, self-employment is often seen as a potential route to extend the working lives of older labour force participants. By studying labour market switches of wage workers of 50 years and older, we investigate to what extent self-employment serves as a bridge to retirement. Using a longitudinal data base in European countries over the period 2005–2015, our findings suggest that although self-employment does serve as a bridge to retirement, this is much less likely to be the case for precarious wage workers—especially those with poor job prospects—than for wage workers at the higher end of the labour market, including those who are in good health and who have good job prospects in their current wage job. We also find that wage workers with precarious job conditions are more likely to switch into non-employment rather than into self-employment. Policy implications are discussed. [ABSTRACT FROM AUTHOR]

This paper develops a general equilibrium life-cycle model with endogenous retirement that focuses on the interplay between old-age pensions (OAP) and disability pensions (DP) in Germany. Germany has introduced a phased-in increase of the normal retirement age from age 65 to 67 (Reform 2007) and closed off other routes to early OAP retirement. This reform was followed by a phased-in expansion of future DP benefits (Reform 2018). Our simulation results indicate that the first reform will induce a shift toward DP retirement, while the Reform 2018 will even neutralize the financial and economic gains of the Reform 2007 if current DP eligibility and benefit rules remain unchanged. We therefore highlight the increased relevance of DP when reforming the retirement system and retirement incentives in an aging society. Securing the financial stability of public pensions requires activation and rehabilitation of sick elderly in the workforce and tight access to disability benefits. [ABSTRACT FROM AUTHOR]

Introduction: We examined the association of both midlife occupation and age at retirement with cognitive decline in the Atherosclerosis Risk in Communities (ARIC) biracial community-based cohort. Methods: Current or most recent occupation at ARIC baseline (1987–1989; aged 45–64 years) was categorized based on 1980 US Census major occupation groups and tertiles of the Nam-Powers-Boyd occupational status score (n = 14,090). Retirement status via annual follow-up questionnaires administered ascertained in 1999–2007 was classified as occurring before or after age 70 (n = 7,503). Generalized estimating equation models were used to examine associations of occupation and age at retirement with trajectories of global cognitive factor scores, assessed from visit 2 (1990–1992) to visit 5 (2011–2013). Models were a priori stratified by race and sex and adjusted for demographics and comorbidities. Results: Low occupational status and blue-collar occupations were associated with low baseline cognitive scores in all race-sex strata. Low occupational status and homemaker status were associated with faster decline in white women but slower decline in black women compared to high occupational status. Retirement before age 70 was associated with slower cognitive decline in white men and women and in black men. Results did not change substantially after accounting for attrition. Conclusion: Low occupational status was associated with cognitive decline in women but not in men. Earlier retirement was associated with a slower cognitive decline in white participants and in black men. Further research should explore reasons for the observed associations and race-sex differences. [ABSTRACT FROM AUTHOR]

Background: The combustion of coal, the world's most polluting form of energy, must be significantly curtailed to limit the global average temperature increase to well below 2°C. Since carbon pricing is politically constrained, alternative policies, such as compensating coal plant owners, for early closure are being considered. Methods: Germany is the only country to date to have implemented a reverse auction to give compensation payments for early coal retirement. We analyse the merits and demerits of Germany's policy, drawing comparisons with other countries that have phased out coal through other means. Results: While bilateral negotiations can lead to excessive compensation due to asymmetric information, a competitive auction can discover the true cost of closure and help allocate funds more efficiently and transparently. Germany's experience illustrates the practical necessity of adjusting auction design to ensure additionality, reduce the risk of gaming and manage the security of supply. Conclusion: While auctions have attractive properties in theory, in practice, their design must address these concerns to unlock the full benefits. Retirement auctions that deliver compensation payments can be a pragmatic policy option, particularly in countries where an incumbent coal lobby makes punitive measures such as carbon taxation hard to implement. However, where there is a concentration in coal plant ownership, auctions will not work and alternative policies, such as enhanced incentives for scrappage and repurposing of coal assets, could be used instead. In many coal-burning areas, the decline of coal is slowed down by long-term contracts that insulate coal-fired generation from competition. Compensation for early closure is a 'pay-to-break' mechanism which may be a politically feasible alternative to 'polluter-pays' policies such as carbon pricing. Competitive auctions can deliver efficient and transparent compensation payments for early coal closures relative to negotiations which suffer from asymmetric information. Ensuring that there is sufficient competition in a coal closure auction through design adjustments can ensure discovery of true closure costs. Shutting down coal-fired power plants can lead to fiscal savings in countries where coal-fired generation is supported by capacity payments. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

NDC (notional defined contribution) pension systems are usually considered the best in the PAYGO (pay-as-you-go) category: they mimic funding, seem to be well balanced, and have very limited distortionary effects on the labour market. In this paper, after highlighting of few of their weaknesses, I suggest an alternative solution to the pension problem: IPAYGO, or improved PAYGO. Its guiding principle, "everything is relative", is applied consistently to both the economic and the demographic part of the problem: this makes the system viable in all possible demographic and economic scenarios. Depending on a few explicit policy (parametric) choices, IPAYGO may take very different shapes, and adapt to national preferences, such as early or late retirement, generous or limited pension benefits, and greater or lesser emphasis on actuarial equity. A properly designed IPAYGO, even in its basic form (the only one discussed here), can tackle issues such as inequities deriving from differential mortality (with the richer living longer), pension-induced low fertility, and quasi-capital gains and losses. While IPAYGO is conceived to be an operative instrument, it can also be used to evaluate existing pensions systems, and the phase a population is going through, with a novel measure of the so-called "demographic bonus" (or "malus"). [ABSTRACT FROM AUTHOR]

This paper provides a comprehensive assessment of the total (market and non-market) gender-based production and consumption activities of Turkish men and women at different stages of their life-cycle. Turkey, one of the few emerging economies within the OECD, offers an interesting case-study as its female labour force participation rate is one of the lowest among OECD countries. Our results show that time spent by Turkish women on household activities is, on average, 30 h a week, basically three times as much as men. In fact, the women-to-men time use ratio for unpaid work is roughly twice as much as the OECD average. We estimate that the monetary value of women unpaid household production exceeds 29% of GDP, while the corresponding estimate for men is around 8%. Using the concept of life-cycle deficit, we also show that Turkish men are dependent on housework undertaken by women over their entire lifetime, which is an almost unique feature in comparison to the European and OECD countries. Finally, unlike other OECD countries that have introduced disincentives to early retirement, Turkish men continue to retire early but retain their acquired habits of not sharing the burden of household work. [ABSTRACT FROM AUTHOR]

We study the effect of inconsistent time preferences on actual and planned retirement timing decisions in two independent data sets. Theory predicts that hyperbolic time preferences can lead to dynamically inconsistent retirement timing. In an online experiment with more than 2,000 participants, we find that time-inconsistent participants retire on average 1.75 years earlier than time-consistent participants do. The planned retirement age of nonretired participants decreases with age. This negative age effect is about twice as strong among time-inconsistent participants. The temptation of early retirement seems to rise in the final years of approaching retirement. Consequently, time-inconsistent participants have a higher probability of regretting their retirement decision. We find similar results for a representative household survey (German SAVE panel). Using smoking behavior and overdraft usage as time preference proxies, we confirm that time-inconsistent participants retire earlier and that nonretirees reduce their planned retirement age within the panel. [ABSTRACT FROM AUTHOR]

Long after a hurricane passes over and through any region or coastal area, the memories of it often linger. There may be visual reminders of the storm and the day lives may have been changed, or lost, forever. Hurricanes can be long-lived storms. They can also be structurally large, so their impact can cover enormous swaths of land and water, often with large populations in the way, particularly coastal areas. Hurricanes are the only officially named natural disasters, as well as the only hazards whose names can be retired. This unique characteristic provided us an opportunity to develop an activity that allows students to gain a greater understanding and appreciation into the: a) climatology of hurricanes, b) change over time with respect to naming and their frequency, and c) socio-scientific impact of the storms. In this activity students make sense of various data by analyzing, comparing and contrasting, and thinking critically about the various patterns that emerge, enhancing scientific literacy as well as gaining an appreciation for the phenomenon and the research around tropical systems. [ABSTRACT FROM AUTHOR]

Background: Higher numbers of family physicians (FPs) stopped practicing or retired during the COVID-19 pandemic, worsening the family doctor shortage in Canada. Our study objective was to determine which factors were associated with FPs' plans to retire earlier during the COVID-19 pandemic. Methods: We administered two cross-sectional online surveys to Ontario FPs asking whether they were "planning to retire earlier" as a result of the pandemic during the first and third COVID-19 pandemic waves (Apr-Jun 2020 and Mar-Jul 2021). We used logistic regression to determine which factors were associated with early retirement planning, adjusting for age. Results: The age-adjusted proportion of FP respondents planning to retire earlier was 8.2% (of 393) in the first-wave and 20.5% (of 454) in the third-wave. Planning for earlier retirement during the third-wave was associated with age over 50 years (50–59 years odds ratio (OR) 5.37 (95% confidence interval (CI):2.33–12.31), 60 years and above OR 4.18 (95% CI: 1.90-10.23)), having difficulty handling increased non-clinical responsibilities (OR 2.95 (95% CI: 1.79–4.94)), feeling unsupported to work virtually (OR 1.96 (95% CI: 1.19–3.23)) or in-person (OR 2.70 (95% CI: 1.67–4.55)), feeling unable to provide good care (OR 1.82 (95% CI: 1.10–3.03)), feeling work was not valued (OR 1.92 (95% CI: 1.15–3.23)), feeling frightened of dealing with COVID-19 (OR 2.01 (95% CI: 1.19–3.38)), caring for an elderly relative (OR 2.36 (95% CI: 1.69–3.97)), having difficulty obtaining personal protective equipment (OR 2.00 (95% CI: 1.16–3.43)) or difficulty implementing infection control practices in clinic (OR 2.10 (95% CI: 1.12–3.89)). Conclusions: Over 20% of Ontario FP respondents were considering retiring earlier by the third-wave of the COVID-19 pandemic. Supporting FPs in their clinical and non-clinical roles, such that they feel able to provide good care and that their work is valued, reducing non-clinical (e.g., administrative) responsibilities, dealing with pandemic-related fears, and supporting infection control practices and personal protective equipment acquisition in clinic, particularly in those aged 50 years or older may help increase family physician retention during future pandemics. [ABSTRACT FROM AUTHOR]

Convolutional neural networks (CNN) have been successful in machine learning applications. Their success relies on their ability to consider space invariant local features. We consider the use of CNN to fit nuisance models in semiparametric estimation of the average causal effect of a treatment. In this setting, nuisance models are functions of pretreatment covariates that need to be controlled for. In an application where we want to estimate the effect of early retirement on a health outcome, we propose to use CNN to control for time-structured covariates. Thus, CNN is used when fitting nuisance models explaining the treatment and the outcome. These fits are then combined into an augmented inverse probability weighting estimator yielding efficient and uniformly valid inference. Theoretically, we contribute by providing rates of convergence for CNN equipped with the rectified linear unit activation function and compare it to an existing result for feedforward neural networks. We also show when those rates guarantee uniformly valid inference. A Monte Carlo study is provided where the performance of the proposed estimator is evaluated and compared with other strategies. Finally, we give results on a study of the effect of early retirement on hospitalization using data covering the whole Swedish population. are available online at . [ABSTRACT FROM AUTHOR]

Purpose: Most adult patients diagnosed with acute lymphoblastic leukemia (ALL) are below retirement age. The overall survival of patients with ALL has improved with implementation of high intensity pediatric-inspired treatment protocols. However, this treatment comes with a risk of long-term complications, which could affect the ability to work. The aim of this study was to investigate the risk of disability pension (DP) and return to work (RTW) for patients with ALL. Patients and Methods: Patients aged 18– 60 years diagnosed with ALL between 2005 and 2019 were identified in the Danish National Acute Leukemia Registry. Each patient was matched with five comparators from the general population on birth year, sex, and Charlson Comorbidity Index. The Aalen-Johansen estimator was used to calculate the cumulative risk of DP for patients and comparators from index date (defined as 1 year after diagnosis) with competing events (transplantation or relapse, death, retirement pension, or early retirement pension). Differences in cumulative incidences were calculated using Gray's test. RTW was calculated as proportions one, three, and five years after the index date for patients holding a job before diagnosis. Results: A total of 154 patients with ALL and 770 matched comparators were included. The 5-year cumulative risk of DP was increased fivefold for patients with ALL compared with the general population. RTW was 41.7%, 65.7%, and 60.7% one, three, and five years after the index date, respectively. Conclusion: The risk of DP in patients with ALL increased significantly compared with the general population. Five years after the index date, RTW was 60.7% for patients with ALL. [ABSTRACT FROM AUTHOR]

Differences in life expectancy across socioeconomic groups create a serious problem of inequality within the public part of the pension system. This article considers two actuarially sound ways of addressing longevity inequality. The first is to allow low life-expectancy workers to retire earlier and delay the retirement of the high life-expectancy workers so that the two groups receive the same amount, equal to the expected discounted value of future pension benefits received by the average worker under the current system. The second, and more radical, is to delegate to occupational pension funds the task of paying out the public pension benefits to each retiree, based on a lump-sum transfer from the government to the pension funds of an amount for each retiree equivalent to the payout in the first scenario. (JEL codes: E21 and E24) [ABSTRACT FROM AUTHOR]

Senior policies have been introduced by many Danish companies with the intention of retaining senior employees, but implementation can be challenging and may create tension at the workplace. This study aims to explore how social capital at the workplace may support or counteract the development and implementation of senior policies. A qualitative case study approach was used to collect and analyze interview data from managers, union- and H&S representatives, and senior employees at eightheen workplaces. The analysis reveals that successful development and implementation of a senior policy rely on legitimacy, transparency, and involvement of relevant parties in the process, as well as a good fit between the policy and the companies' structure for collaboration. Workplace social capital is discussed as a supporting factor for senior employee retention, and a reciprocal positive relationship between implementing senior policies and procedures and the social capital of the workplace is suggested. [ABSTRACT FROM AUTHOR]

We study an optimal investment and consumption problem with heterogeneous consumption of basic and luxury goods, together with the choice of time for retirement. The optimal heterogeneous consumption strategies for a class of nonhomothetic utility maximizer are shown to consume only basic goods when the wealth is small, to consume basic goods and make savings when the wealth is intermediate, and to consume almost all in luxury goods when the wealth is large. The optimal retirement policy is shown to be both universal, in the sense that all individuals should retire at the same level of marginal utility that is determined only by income, labor cost, discount factor as well as market parameters, and not universal, in the sense that all individuals can achieve the same marginal utility with different utility and wealth. We also show that individuals prefer to retire as time goes by if the marginal labor cost increases faster than that of income. This paper studies an optimal investment and consumption problem with heterogeneous consumption of basic and luxury goods, together with the choice of time for retirement. The utility for luxury goods is not necessarily a concave function. The optimal heterogeneous consumption strategies for a class of nonhomothetic utility maximizer are shown to consume only basic goods when the wealth is small, to consume basic goods and make savings when the wealth is intermediate, and to consume almost all in luxury goods when the wealth is large. The optimal retirement policy is shown to be both universal, in the sense that all individuals should retire at the same level of marginal utility that is determined only by income, labor cost, discount factor and market parameters, and not universal, in the sense that all individuals can achieve the same marginal utility with different utility and wealth. It is also shown that individuals prefer to retire as time goes by if the marginal labor cost increases faster than that of income. The main tools used in analyzing the problem are from a partial differential equation and stochastic control theory including variational inequality and dual transformation. We finally conduct the simulation analysis for the featured model parameters to investigate practical and economic implications by providing their figures. Funding: This work was supported by Hong Kong Research Grants Council General Research Fund [Grants 15202421 and 15202817], the National Research Foundation of Korea [Grant 2021R1C1C1004647], the PolyU-SDU Joint Research Center on Financial Mathematics, the CAS AMSS-PolyU Joint Laboratory of Applied Mathematics, and Hong Kong Polytechnic University, the National Natural Science Foundation of China [Grant 11971409], and the Engineering and Physical Sciences Research Council (UK) [Grant EP/V008331/1]. Supplemental Material: The online appendix is available at https://doi.org/10.1287/opre.2022.2328. [ABSTRACT FROM AUTHOR]

With rising average life expectancies and continuing early retirement, China has more retirees than ever before. This study builds from previous research to understand how mental and financial resources affect life satisfaction amongst 1,018 Chengdu, China retirees. Specifically, our research examined how the extents of mindfulness and pension influence life satisfaction and whether the relations are mediated by positive and negative affect (PANA). The SEM results indicate mindfulness has a significant direct (β = 0.26) and an indirect (β = 0.18) effect on life satisfaction via PANA, while the amount of pension has small effect on life satisfaction (β = 0.04) and only via negative affect. The estimates, however, varied by gender and age. Mindfulness had a strong influence on reducing NA for female older adults while substantially increasing PA for male older adults. Additionally, the amount of pension significantly reduced NA for older retirees aged 65 and above. These findings call for increased mindfulness interventions and robust pension policies to better support retired older adults in China. [ABSTRACT FROM AUTHOR]

Aims: We aimed to examine cardiovascular events (stroke and myocardial infarction [MI]), mortality, early retirement and economic costs over 5 years in people with chronic heart failure (CHF) and matched controls in Sweden. Methods and results: Individuals (aged ≥16 years) living in Sweden on 1 January 2012 were identified in an existing database. Individuals with CHF were propensity score matched to controls without CHF by birth year, sex and educational status. We analysed risks of stroke, MI, mortality and early retirement, and compared direct costs (inpatient care, outpatient care and drug costs) and indirect costs (work absence). After matching, there were 53 520 individuals in each cohort. In each cohort, mean age was 69.0 years (standard deviation 8.2), and 29.7% of individuals were women. People with CHF were significantly more likely than controls to experience stroke (hazard ratio 1.46 [95% confidence interval 1.38–1.56]) and MI (1.61 [1.51–1.71]). All‐cause mortality was nearly three‐fold higher (2.89 [2.80–2.98]) and the likelihood of early retirement was more than three‐fold higher (3.69 [3.08–4.42]). Total mean annual costs per person were €9663 (standard error 38) for people with CHF, of which 53% were direct costs, and €2845 (standard error 19) for controls, of which 40% were direct costs. In people with CHF, inpatient costs comprised 78% of total annual mean direct costs over follow‐up, outpatient costs contributed 15% and drug costs contributed 8%. In controls, the corresponding proportions were 71%, 18% and 11%. Conclusions: CHF has a considerable impact on the risk of cardiovascular events and death, early retirement and economic costs. Inpatient admissions and work absence are major contributors to economic costs. [ABSTRACT FROM AUTHOR]

BACKGROUND: To make the pension system robust to population ageing, Denmark will increase the statutory retirement age in tandem with national life expectancy. By universally increasing this age, this pension indexation policy might amplify known inequalities in mortality, such as those between people in different living arrangements. OBJECTIVE: We aim to quantify inequalities in mortality before retirement age by living arrangement over time and to estimate whether an increase in the retirement age could disproportionately affect disadvantaged groups. METHODS: We estimate the probability of dying between ages 50 and 65/67/70 for several cohorts of Danes living in different household types, stratifying by socioeconomic status. To give a more complete picture, we also calculate equivalent age for each sub-group. RESULTS: In Denmark considerable mortality inequalities exist depending on living arrangements, and they are becoming larger. Across all the dimensions of mortality we examine, single individuals cumulate a clear disadvantage. An increased retirement age would increase absolute and (for single individuals) relative differences in pre-retirement survival, adding to the widening trends across cohorts. CONCLUSIONS: Relying on the national average to set the statutory retirement age risks maintaining these subpopulations' disadvantage. While early retirement schemes exist in Denmark, they mostly impact people based on their occupation. We highlight that other characteristics are strongly tied to mortality and should also be considered. CONTRIBUTION: This paper falls within a project developed and directed by Jim Vaupel from 2019 until his death. He believed that the Danish pension indexation policy risked unfairly damaging specific groups. The results of this paper show that by neglecting existing and widening inequalities, this might indeed be the case. [ABSTRACT FROM AUTHOR]

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Job satisfaction is an extremely useful measurement for management and an employee's level of job satisfaction is one of the most important indicators that may help a manager solve specific employment issues. Recognizing the employee's level or extent of job satisfaction gives employers a chance to predict and eliminate such difficulties as low productivity, work inefficiency, an employee's high rate of absenteeism, decision to resign or to retire early, or employee's mental and physical exhaustion (burnout syndrome). The aim of the study is to highlight the significance of job satisfaction in general, and subsequently to focus on university teachers and researchers taking into account the fact that identifying job satisfaction in an academic environment is supposed to consider the unique aspects of academic work. The findings are expected to help higher education institutions to foster more positive and productive academic environment. [ABSTRACT FROM AUTHOR]