This paper investigates the consequences of pension reform for life-cycle unemployment and retirement. We find that (i …) improving actuarial fairness in pension assessment not only boosts old age participation but also reduces unemployment among … and welfare; (iii) excluding unemployment benefits from the pension assessment base reduces unemployment, encourages later …

unemployment rate, their participation and employment rates are very low: 34% and 32%, respectively. We analyse whether this is due … of old-age benefits increases the probability of outflow from unemployment to inactivity, as do unemployment rate changes … more likely to leave the workforce compared to those who receive either unemployment benefits or social welfare benefits. …