[Title Page]
Contents
I. Introduction 9
II. Population Ageing and Labor Market for Elderly People 12
1. Trend of Population Ageing 12
2. Elderly Population's Labor Force Participation 13
3. Elderly-Friendly Employment Policy 15
III. Previous Studies 23
IV. Empirical Analysis 31
1. Healthy Ageing(correlation between life expectancy and healthy life expectancy) 31
2. Healthy Ageing and Labor Participation 33
3. Influence of Employing Aged Population on the National Finance 58
V. Conclusion and Policy Implications 69
References 74
〈Table IV-1〉 Descriptive Statistics 36
〈Table IV-2〉 OLS Regression Estimates 38
〈Table IV-3〉 2SLS Model Estimates 42
〈Table IV-4〉 First-Stage Estimates from 2SLS Model 43
〈Table IV-5〉 First Conditional Test of Instrumental Variable 44
〈Table IV-6〉 Endogeneity Test for Health Variable 44
〈Table IV-7〉 Validity Test for Instrumental Variables 45
〈Table IV-8〉 Results of Probit Model(marginal effects) 47
〈Table IV-9〉 Results of IV-probit Model(marginal effects) 48
〈Table IV-10〉 Probit & IV-probit Model Estimates(male, marginal effects) 52
〈Table IV-11〉 Probit & IV-probit Model Estimates(female, marginal effects) 53
〈Table IV-12〉 Probit & IV-Probit Model Estimates: Controlling for Occupation... 54
〈Table IV-13〉 Probit & IV-Probit Model Estimates: Controlling for Differences by... 56
〈Table IV-14〉 Probit & IV-Probit Model Estimates: excluding Reemployment Effect... 57
〈Table IV-15〉 Calculation of the Potential Beneficiaries of the Retirement... 60
〈Table IV-16〉 Aged Beneficiaries' Income Information 61
〈Table IV-17〉 Eared Income Tax Rate by Income Range 62
〈Table IV-18〉 Additional National Revenues under Two Scenarios 63
〈Table IV-19〉 Additional National Revenues Calculated based on the Tax Burden... 64
[Figure II-1] Employment Rate by Age in 1992, 2002, 2012 14
[Figure II-2] Changes in Employment Rates by Age Group(1980-2012) 15
[Figure IV-1] Correlation between LE and HALE(as of 2007) 32
[Figure IV-2] Correlation between Income and HALE(as of 2010) 33
[Figure IV-3] Employment Rates: Younger and Older Workers 67