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KMID : 0379220170370040871
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Journal of Korea Gerontological Society
2017 Volume.37 No. 4 p.871 ~ p.891
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Study on Health Predictors of Early Retirement of Middle-aged and Elderly Workers in Korea: Proportional Hazard Model Analysis by Employment Type
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Chung Jong-Woo
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Abstract
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The purpose of this paper is to reduce the reverse-causality and overestimate bias of analysis on how health affected middle-aged and elderly worker’s early retirement. From the Korean Longitudinal Study of Ageing(KLoSA) panel data, I researched 1,049 people who were 45-52 years old in 2006. To eliminate the reverse-causality problem, I used the health data which is surveyed before retirement. To reduce bias, I controlled the health status when retirees worked. The main results are as follows. First, the worsened health still affects the hazard of early retirement, with reducing the endogeneity problem. Second, chronic illness is one of the strong predictors of early retirement to self-employed, and self-reported bad health is the main health predictor of wage workers. These results give two implications; first, the impact magnitude of the health indicator depends on employment type. Each employment type has different flexibility of working hours. It seems that the flexibility can reduce early retirement hazard with health problems. Self-employed, who has more flexibility of working hours can work until they have to stop working due to the serious health problem or doctor’s advice. Second, to promote middle-aged and elderly workers to keep working, the long-term health policy which decreases chronic illness is needed.
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KEYWORD
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Early retirement, Chronic illness, Self-reported health, Survival analysis
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