Casamatta, Georges; Cremer, Helmuth; Pestieau, Pierre - C.E.P.R. Discussion Papers - 2003
It is often argued that the observed trend towards early retirement is due mainly to the implicit tax imposed on … the first period they work a fixed amount of time; in the second, they choose when to retire and then receive a flat rate … pension benefit. Pensions are financed by a payroll tax on earnings in the first and in the second period of life. Such a tax …