Article

Productivity, Compensation, and Retirement

David Neumark

in The Oxford Handbook of Pensions and Retirement Income

Published in print July 2006 | ISBN: 9780199272464
Published online September 2009 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199272464.003.0036

Series: Oxford Handbooks in Business and Management C

 Productivity, Compensation, and Retirement

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This article proceeds in six steps. First, it discusses alternative models of the relationship between productivity, compensation, and age, focusing on the human-capital model and long-term incentive contracts. Second, the article considers workers' retirement behaviour in these models, as well as employers' interests in retirement and job tenure, and the role of pensions in influencing retirement and tenure. Third, because the alternative models of the relationship between productivity, compensation, and age have different implications for retirement and pensions, it presents evidence on the alternative models. Fourth, the article examines the role of public policy regarding age discrimination and mandatory retirement, which can influence the productivity–compensation–retirement nexus. Fifth, it summarizes changes in pensions in the United States. And sixth, the article considers the possible implications of the shifts in pensions in the United States in light of the role that pensions play in the links between productivity, compensation, and retirement.

Keywords: retirement behaviour; productivity; job tenure; compensation; United States; public policy

Article.  8039 words. 

Subjects: Business and Management ; Human Resource Management

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