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Perception and Salience of Public Pension Contribution Incentives: Evidence from Voluntary Contributions
In this paper, I investigate the perceived valuation of the implicit contribution incentives provided by public pension systems. I take advantage of the unique setting offered by the public pension system in Spain, where self-employed workers can voluntarily determine the level of their Social Security contributions. Using quasi-experimental variations arising from three pension reforms, I find that (i) only 10.35% of self-employed individuals respond to the substantial contribution incentives offered by the Spanish public pension system; (ii) responses are more pronounced when contribution incentives are more salient; (iii) a significant proportion of self-employed individuals overcontribute in cases where contributions yield no pension return. My results suggest that taxpayers face challenges in valuing the implicit contribution incentives of earnings-related public pension systems. I conclude that more salient Social Security contribution incentives could potentially lead to substantial efficiency gains.
Date:
21 February 2024, 17:00
Venue:
Nuffield College, New Road OX1 1NF
Venue Details:
Chester Room or https://zoom.us/j/92358151794?pwd=cXhtMUZVL2lhRVVuZGw4d0MzOHZZQT09
Speaker:
Ander Iraizoz-Olaetxea (University of Oxford)
Organising department:
Department of Economics
Part of:
Postdoctoral Fellows Seminar
Booking required?:
Not required
Audience:
Members of the University only
Editor:
Edward Valenzano
