How Does the Heterogeneity of Labor Productivity Influence the Labor's Decision of Retirement Time?
It is a static logic of the assumption of homogeneity of labor productivity to postpone the retirement age only based on population aging and financial balance.Theoretically,the optimal retirement time depends on the balance between consumption capacity and leisure benefit after retirement.Labor productivity is an essential variable that can affect both consumption level and leisure benefit.The heterogeneity of labor productivity makes the decision of retirement time of different individual and different periods have obvious heterogeneous characteristics.It is necessary for the state and society to respond to the heterogeneous optimal individual retirement time caused by heterogeneous labor productivity so as to timely optimize the current retirement time policy.The sensitivity simulation analysis shows that the heterogeneity of labor productivity determines the heterogeneous characteristics of the optimal retirement time,and there is a significant inverse relationship between them.The optimal retirement time of individual workers in China is about 63.16 years old in the baseline situation.If the current mandatory retirement age of 60 is to be maintained,9 per cent growth in labor productivity must be maintained.Therefore,to abandon the assumption of homogeneity of labor productivity and attach importance to relieving pension pressure through labor productivity factors,to implement a flexible retirement plan with compatible incentives,and constantly to improve individual and social labor productivity will improve the effectiveness and sustainability of China's retirement policies.
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