Research on retirement
There are different routes to retirement. Research on the timing of retirement and type of pension benefit provide information on how working lives have extended and how common various pension benefits are (such as the disability pension or the partial old-age pension).
During the research program period, we will study retirement by pension benefit and population group, with a special focus on the effects of the 2017 pension reform. In addition to actual retirement, we will review the population’s retirement intentions and the connection between the intended and actual retirement age. We will review the connection between retirement and workplace-level factors, as well as employers’ attitudes to ageing workers and to the retirement ages within the pension system.
The working life of many ends in retirement on a disability pension. Under this research programme, we will examine disability retirement rates, time-related changes in disability pension application and rejection rates, as well as how the changes differ between various population groups and how they affect the number of persons drawing a disability pension. We will also examine how health, work ability and working conditions affect retirement on a disability pension, measures that support work ability and the process of retirement.
New study
Younger cohorts retire more seldom on a disability pension than older cohorts
When examining people aged over 50 in this register study, it was observed that younger cohorts retire less frequently on a full or a partial disability pension than older cohorts at the same age. Although people retire on a disability pension at an increasingly older age, younger cohorts are likely to retire on a disability pension less frequently than older cohorts. The study was published in the new series ‘Analyses’ of the Finnish Centre for Pensions.
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Quality of life improves after retirement despite perceived lower income
The majority of respondents feel that their quality of life has improved after retirement on an old-age pension, with more leisure time increases and better coping skills. However, income is perceived as weaker, according to a survey conducted by the Finnish Centre for Pensions among people who had recently retired from gainful employment with an old-age pension.
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Work ability projections point to a decline in the population’s work ability
The study based on a series of population representative surveys conducted in Finland showed that the self-reported estimates of the work ability of 20–44-year-olds have weakened in the 2000s, the development of the work ability of 45–54-year-olds has been stable and the work ability of those aged 55 or older has improved. Birth-cohort projections suggest a declining work ability in the future. The research article was published in Scandinavian Journal of Public Health.
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Unemployed at the beginning of a sickness absence spell have poor chances of returning to work
Unemployed persons starting a spell of sickness absence are a heterogeneous group with different labour market pathways. For many, the combination of unemployment and work disability means low chances for employment or regained work ability during the following years. Unemployed persons with long history outside employment, older age, low educational level or a mental disorder could benefit from targeted support.
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Majority does not cut down on working while drawing a partial old-age pension
Many persons who draw the partial old-age pension continue working as before, with-out changes to their wage level. Only every fifth person on this pension benefit seems to have cut down on working. This is evident in a recent study by the Finnish Centre for Pensions.
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- Research publication: Wage income before and after taking out a partial old-age pension (Julkari) (Summary in English)
Rehabilitation planning mainly successful – three things require further development
Rehabilitees participating in work trials under the earnings-related pension scheme have fairly positive experiences of rehabilitation planning and cooperation with, for example, occupational health care or the employer. Issues to develop include individual support, timing of rehabilitation and discussions on the possibilities of employment after the work trial. This is evident in a survey by the Finnish Centre for Pensions that is based on interviews of rehabilitees participating in work trials.
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Working in retirement is often irregular and occasional – many fail to find suitable work
Half of the newly retired old-age pensioners are interested in working in retirement. According to a survey conducted by the Finnish Centre for Pensions, most persons who have worked in retirement have continued working for the same employer and with similar tasks. The work is often irregular and occasional.
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