Scandinavian Working Papers in Economics

Nationaløkonomisk tidsskrift,
Nationaløkonomisk Forening

The Effect of the ’92-reform of the Voluntary Early Retirement Pension Program on Retirement Age – A Natural Experiment

2005, Volume 2005, issue 1, pp. 168-188

Mona Larsen ()
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Mona Larsen: The Danish National Institute of Social Research

Abstract: This paper examines the effect on the retirement age of a change in the popular Danish early retirement program, known as the Voluntary Early Retirement Pension (VERP) or »efterløn«. In order to reduce early retirement through VERP, the government changed the program in 1992 by increasing the incentives to delay retirement until age 63. To study the effect of this change on retirement outcomes, a natural experiment based on longitudinal register data covering two percent of the population for the period 1980-1998 is conducted. The results suggest that the retirement response to the 1992 changes was relatively small.

Keywords: retirement; efterløn

JEL-codes: A10

Language: Danish

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