#2573. Pension incentives and labor supply: Evidence from the introduction of universal old-age assistance in the UK

December 2026publication date
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Journal’s subject area:
Finance;
Economics and Econometrics;
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Abstract:
The article examined the impact on the labor supply of the Old Age Pension Act (OPA) of 1908, which introduced pensions to the elderly in the UK for the first time. The results show a significant and dramatic decline in labor force participation of 6.0 percentage points (13%) when older workers reach the age of 70.
Keywords:
Labor Supply; Old-Age Assistance; Regression Discontinuity Design; Retirement

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