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KMID : 0379220100300020499
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Journal of Korea Gerontological Society
2010 Volume.30 No. 2 p.499 ~ p.513
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Partial Retirement and Return to Work of Korean Older Workers
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Woo Seok-Jin
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Abstract
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This paper identified some significant factors which affect the return decision of older workers who had retired from major career jobs, and estimated their impact using the KLoSA 2006. Especially, the unobserved heterogeneity from partial retirement status is explicitly modeled and considered in the maximum likelihood estimation. The estimation results show that, without controlling for the unobserved heterogeneity, retirement age, gender, pension income, and health status affect the re-entry to labor market. When it comes to asset income, we were not able to find its statistical significance. After controlling for the unobserved heterogeneity, the impact magnitudes of the above determinants increase and the number of children becomes statistically significant.
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KEYWORD
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Older workers, Major career job, Return to Labor market, Survival analysis, Partial retirement
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