Can a Small Social Pension Promote Labor Force Participation?
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World Bank, Washington, DC
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One of the primary motivations behind
the establishment of noncontributory pension programs is to
allow beneficiaries to retire from the labor force. Yet, as
with other unconditional cash transfer schemes, their
aggregate effects may be more complex. Using panel data and
instrumental variable techniques, this paper shows that the
effect of one such program, Colombia Mayor, has been to
raise the labor force participation of relatively younger
male beneficiaries. This increase occurred precisely in the
occupations with characteristics that are likely to require
some up-front investment. The paper concludes that the
transfer effectively loosened the liquidity constraints to
remaining in these occupations. However, no such effect is
found among women or older beneficiaries.
Palabras clave
LIVING STANDARDS, PROGRAM BENEFICIARIES, JOBS, EMPLOYMENT, RISKS, HOUSEHOLD SURVEY, RIGHTS, DURABLE GOODS, MOTIVATION, PRODUCTION, RETIREMENT, PREVIOUS SECTION, STOCK, WAGE DIFFERENTIAL, MINIMUM WAGE, INCOME, INTEREST, DUMMY VARIABLES, SERVICE SECTOR, AGRICULTURAL PRODUCTION, EMPLOYMENT OPPORTUNITIES, PROGRAM DESIGN, EXCHANGE, TOTAL LABOR FORCE, INFORMATION, LABOR FORCE, LIQUIDITY, DEVELOPING COUNTRIES, HEALTH INSURANCE, EFFECTS, INCENTIVES, SOCIAL PROTECTION MECHANISMS, POLICY DISCUSSIONS, WARRANTS, CASH TRANSFER, LABOR FORCE PARTICIPATION, DUMMY VARIABLE, LONG-TERM INVESTMENT, BENEFICIARIES, INTERNATIONAL BANK, PENSION, INSTRUMENTS, PUBLIC HEALTH, ECONOMIC ANALYSIS, PROTECTION MECHANISMS, LABOR MARKET, UNINTENDED CONSEQUENCES, BENEFICIARY, DEVELOPMENT ECONOMICS, DAUNTING TASK, EDUCATIONAL ATTAINMENT, DEVELOPMENT EFFECTIVENESS, OLD-AGE PENSIONS, WORKER, INCOME INEQUALITY, EXCHANGE RATES, LIQUIDITY CONSTRAINTS, MIGRATION, TRANSFERS, MARKETS, HOUSEHOLD INCOME, ORGANIZATIONS, PUBLIC FINANCE, CONSUMPTION EXPENDITURE, ELDERLY POPULATION, SOCIAL SECURITY, STANDARDS, LABOR, CASH TRANSFERS, MORTALITY, PREVIOUS RESULTS, FINANCE, ELDERLY, BANK POLICY, FEMALE LABOR, NUTRITIONAL STATUS, PROGRESS, EXPENDITURE, EQUITY, MIGRANT, GOOD, CREDIT CONSTRAINTS, TRANSPORTATION, WORKERS, WAGES, WOMAN, POLICY RESEARCH WORKING PAPER, VALUE, PENSIONS, PURCHASING POWER, OCCUPATIONS, OCCUPATION, FIRM PERFORMANCE, LABOR MARKET OUTCOMES, PRIVATE SECTOR, SHARES, NUTRITION, MARKET, PROBIT REGRESSIONS, ELDERLY PEOPLE, ECONOMICS, POLICY, PRIVATE TRANSFERS, MANAGEMENT, INSURANCE, ECONOMIC DEVELOPMENT, GOODS, THEORY, SECURITY, DURABLE, INVESTMENT, RISK, SHARE, RURAL AREAS, POVERTY, FEMALE LABOR FORCE, SUPPLY, EMPLOYEE, HOUSEHOLD CONSUMPTION, POPULATION, LABOR SUPPLY, PURCHASING POWER PARITY, INVESTMENTS, LIVING CONDITIONS, CHECK, INFORMAL EMPLOYMENT, POLICY RESEARCH, INCOME REDISTRIBUTION, INCOME STREAM, PRIMARY EDUCATION, LABOUR SUPPLY, EXCHANGE RATE, INSTRUMENT, WOMEN, LABOUR, REMITTANCES, LABOR MARKETS, OUTCOMES, FINANCIAL CONSTRAINTS, DEVELOPMENT BANK, HUMAN DEVELOPMENT, DEVELOPMENT POLICY, EXCLUSION RESTRICTION, INVESTING