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60
62
64
66
68
Age
2011
2012
2013
2014
2015
2016
2017
2018
Year
Men pre-reform Women pre-reformMen post-reform Women post-reform
60
62
64
66
68
Age
2011
2012
2013
2014
2015
2016
2017
2018
Year
Men pre-reform Women pre-reformMen post-reform Women post-reform
34
36
38
40
42
Year
s of
con
tribu
tions
2011
2012
2013
2014
2015
2016
2017
2018
Year
Pre-reform (quota 96) Pre-reform (quota 40)Men post-reform Women post-reform
34
36
38
40
42
Year
s of
con
tribu
tions
2011
2012
2013
2014
2015
2016
2017
2018
Year
Pre-reform (quota 96) Pre-reform (quota 40)Men post-reform Women post-reform
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= α + λ + ∑=
β γ + ∑=
β!
γ ×"+ ε
-3
-2
-1
0
1
2009 2010 2011 2012 2013 2014 2015Year
Months Worked Months in Retirement Months in Retirement - Benchmark
= α + λ + ∑=
β γ + ∑=
β!
γ ×"+ ε
-3
-2
-1
0
1
2009 2010 2011 2012 2013 2014 2015Year
Months Worked Months in Retirement Months in Retirement - Benchmark
= α + λ + ∑=
β γ + ∑=
β!
γ ×"+ ε
-.05
0
.05
.1
Stan
dard
ized
coe
ffici
ent
2009 2010 2011 2012 2013 2014 2015Year
-.3
-.2
-.1
0
.1
.2
Stan
dard
ized
coe
ffici
ent
2009 2010 2011 2012 2013 2014 2015Year
= α + λ + ∑=
β γ + ∑=
β!
γ ×"+ ε
-.01
0
.01
.02
.03
Stan
dard
ized
coef
ficie
nt
2009 2010 2011 2012 2013 2014 2015Year
-.08
-.06
-.04
-.02
0
.02
Stan
dard
ized
coef
ficie
nt
2009 2010 2011 2012 2013 2014 2015Year
Young Middle-aged Old
= α + λ + ∑=
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!γ ×
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-.02
0
.02
.04
.06
.08
Stan
dard
ized
Coe
ffici
ent
2009 2010 2011 2012 2013 2014 2015Year
-.4
-.2
0
.2
Stan
dard
ized
Coe
ffici
ent
2009 2010 2011 2012 2013 2014 2015Year
Within 3 years until retirement Between 4 and 5 years until retirement
= α + λ + ∑=
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β!
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=
δ + ε
= α + λ + ∑=
β γ + ∑=
β!
γ ×"+ ∑
=
δ + ε
-15000
-10000
-5000
0
5000
Stan
dard
ized
coe
ffici
ent
2009 2010 2011 2012 2013 2014 2015Year
Labor Earnings
= α + λ + ∑=
β γ + ∑=
β!
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=
δ + ε
-15000
-10000
-5000
0
5000
Stan
dard
ized
coe
ffici
ent
2009 2010 2011 2012 2013 2014 2015Year
Labor Earnings Total Earnings
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10 5 RETIREMENT
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3
3
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10 5 RETIREMENT
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10 5 0
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3
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WORKER-LEVEL TREATMENT:
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WORKER-LEVEL TREATMENT:
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= α + λ + ∑=
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Stan
dard
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coe
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ent
2009 2010 2011 2012 2013 2014 2015Year
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Stan
dard
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coe
ffici
ent
2009 2010 2011 2012 2013 2014 2015Year
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