Gender Pension Gaps in a Private Retirement Accounts System : A Dynamic Model of Household Labor Supply and Savings

Gender Pension Gaps in a Private Retirement Accounts System : A Dynamic Model of Household Labor Supply and Savings

This paper develops and estimates a dynamic model of individuals' and couples' labor supply, savings, and retirement decisions to analyze how the design of a privatized pension system affects gender pension gaps. Chile has one of the long...

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Main Authors: Joubert, Clement, Todd, Petra E.
Format: Working Paper
Language:English
Published: World Bank, Washington, DC 2020
Subjects:
PRIVATE PENSION
GENDER GAP
HOUSEHOLD LABOR
SAVINGS
RETIREMENT
PENSION SYSTEM
Online Access:http://documents.worldbank.org/curated/en/455991594914622047/Gender-Pension-Gaps-in-a-Private-Retirement-Accounts-System-A-Dynamic-Model-of-Household-Labor-Supply-and-Savings
http://hdl.handle.net/10986/34168
id okr-10986-34168
recordtype oai_dc
spelling okr-10986-341682022-09-20T00:12:09Z Gender Pension Gaps in a Private Retirement Accounts System : A Dynamic Model of Household Labor Supply and Savings Joubert, Clement Todd, Petra E. PRIVATE PENSION GENDER GAP HOUSEHOLD LABOR SAVINGS RETIREMENT PENSION SYSTEM This paper develops and estimates a dynamic model of individuals' and couples' labor supply, savings, and retirement decisions to analyze how the design of a privatized pension system affects gender pension gaps. Chile has one of the longest running nationwide private retirements accounts systems in the world, operating since 1980. It has served as a model for many countries and was reformed in 2008 to alleviate old- age poverty and reduce gender pension gaps. The paper estimates the dynamic model using pre-reform data and compares the model's short-term predictions with available evidence on the reform's causal impacts. The analysis finds that household structure is an important determinant of the behavioral and distributional impacts of the reform. The paper evaluates how actual and counterfactual changes in the pension system design affect men's and women's economic decisions, pension receipts, and program costs over a longer time horizon. Three design features significantly reduce gender pension gaps: expanding minimum pension benefit eligibility, providing a per-child pension bonus, and increasing women's retirement age to be equal to men's. 2020-07-23T13:01:42Z 2020-07-23T13:01:42Z 2020-07 Working Paper http://documents.worldbank.org/curated/en/455991594914622047/Gender-Pension-Gaps-in-a-Private-Retirement-Accounts-System-A-Dynamic-Model-of-Household-Labor-Supply-and-Savings http://hdl.handle.net/10986/34168 English Policy Research Working Paper;No. 9322 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper Latin America & Caribbean Chile
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic PRIVATE PENSION
GENDER GAP
HOUSEHOLD LABOR
SAVINGS
RETIREMENT
PENSION SYSTEM
spellingShingle PRIVATE PENSION
GENDER GAP
HOUSEHOLD LABOR
SAVINGS
RETIREMENT
PENSION SYSTEM
Joubert, Clement
Todd, Petra E.
Gender Pension Gaps in a Private Retirement Accounts System : A Dynamic Model of Household Labor Supply and Savings
geographic_facet Latin America & Caribbean
Chile
relation Policy Research Working Paper;No. 9322
description This paper develops and estimates a dynamic model of individuals' and couples' labor supply, savings, and retirement decisions to analyze how the design of a privatized pension system affects gender pension gaps. Chile has one of the longest running nationwide private retirements accounts systems in the world, operating since 1980. It has served as a model for many countries and was reformed in 2008 to alleviate old- age poverty and reduce gender pension gaps. The paper estimates the dynamic model using pre-reform data and compares the model's short-term predictions with available evidence on the reform's causal impacts. The analysis finds that household structure is an important determinant of the behavioral and distributional impacts of the reform. The paper evaluates how actual and counterfactual changes in the pension system design affect men's and women's economic decisions, pension receipts, and program costs over a longer time horizon. Three design features significantly reduce gender pension gaps: expanding minimum pension benefit eligibility, providing a per-child pension bonus, and increasing women's retirement age to be equal to men's.
format Working Paper
author Joubert, Clement
Todd, Petra E.
author_facet Joubert, Clement
Todd, Petra E.
author_sort Joubert, Clement
title Gender Pension Gaps in a Private Retirement Accounts System : A Dynamic Model of Household Labor Supply and Savings
title_short Gender Pension Gaps in a Private Retirement Accounts System : A Dynamic Model of Household Labor Supply and Savings
title_full Gender Pension Gaps in a Private Retirement Accounts System : A Dynamic Model of Household Labor Supply and Savings
title_fullStr Gender Pension Gaps in a Private Retirement Accounts System : A Dynamic Model of Household Labor Supply and Savings
title_full_unstemmed Gender Pension Gaps in a Private Retirement Accounts System : A Dynamic Model of Household Labor Supply and Savings
title_sort gender pension gaps in a private retirement accounts system : a dynamic model of household labor supply and savings
publisher World Bank, Washington, DC
publishDate 2020
url http://documents.worldbank.org/curated/en/455991594914622047/Gender-Pension-Gaps-in-a-Private-Retirement-Accounts-System-A-Dynamic-Model-of-Household-Labor-Supply-and-Savings
http://hdl.handle.net/10986/34168
_version_ 1764480385086914560

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