Browsing by Author "Esteban, Cherrylyn D."
Now showing 1 - 1 of 1
Results Per Page
Sort Options
Item Restricted The timing of retirement: a study of pensioners under the Philippine Social Security System(2014-04) Esteban, Cherrylyn D.; Canlas, Dante B.Using the micro-level data on retirement pensioners from the Philippine Social Security System (SSS), we estimate the impacts of the option value-based retirement incentives and other non-financial determinants of retirement. Around 89 percent of the private sector workers retire before age 65. The decision to retire at the minimum retirement age of 60 is more responsive to the non-financial factor number of dependent children with disability than to the option value. On the other hand, at ages 61 to 65, the average partial effects of the option value are greater than that of the non-financial determinants of retirement which are significant at conventional levels. The average partial effects of the option value are positive at ages 60 to 64 and negative at age 65, consistent with the option value model idea where the worker stops working at the optimal retirement age when he can maximize his utility.