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P R Newswire - One of the best experts on this subject based on the ideXlab platform.

  • INFOSYS LIMITED - 3rd Quarter Results
    PR Newswire UK Disclose, 2014
    Co-Authors: P R Newswire
    Abstract:

    ; Infosys (NYSE: INFY) Announces Results for the Quarter ended December 31, 2013Q3 revenues grew by 1.7% quarter-on-quarter; 9.9% year-on-yearNet profit grew by 20.9% quarter-on-quarter; 6.7% year-on-yearMysore, India - January 10, 2014Financial HighlightsConsolidated results under International Financial Reporting Standards(IFRS) for the quarter ended December 31, 2013- Revenues were $2,100 million for the quarter ended December 31, 2013QoQ growth was 1.7%YoY growth was 9.9%- Net profit was $463 million for the quarter ended December 31, 2013QoQ growth was 20.9%*YoY growth was 6.7%- Earnings per American Depositary Share (EPADS) was $0.81 for the quarterended December 31, 2013 QoQ growth was 20.9%*YoY growth was 6.6%- Liquid assets including cash and cash equivalents, available-for-salefinancial assets, certificates of deposits and government bonds were $4.4billion as on December 31, 2013 versus $4.3 billion as on September 30, 2013* including the provision for visa related matters made in quarter endedSeptember 30, 2013Other highlights:- Infosys and its subsidiaries added 54 clients during the quarter- Gross addition of 6,682 employees for the quarter by Infosys and itssubsidiaries- 158,404 employees as on December 31, 2013 for Infosys and its subsidiaries"The year ahead looks exciting for the IT services industry. We believe theglobal economic environment has improved and our clients are gainingconfidence to invest in their strategic initiatives." said S. D. Shibulal, CEOand Managing Director. "We continue to differentiate ourselves to seize growthopportunities. The recent changes in organizational structure will enable usto strengthen client relationships and increase market share.""During the quarter, we saw early but promising results of our initiatives toincrease efficiency in our operations" said Rajiv Bansal, Chief FinancialOfficer. "We continue to remain focused on making investments necessary tosecure and grow our future."OutlookThe company's outlook (consolidated) for the fiscal year ending March31, 2014, under IFRS is as follows:- Revenues are expected to grow 11.5%-12.0%Business Highlights- We have partnered with a leading manufacturer, Diebold, to further itstransformation journey and streamline its service, supply chain management,and financial operations processes.- Our focus on Cloud and Big Data as new growth areas continues to yieldresults. We have executed more than 200 engagements and have won more than 20deals this quarter. We have been formally inducted as a member of the steeringcommittee of the global Open Data Center Alliance (ODCA) to help define thenext generation of enterprise-ready Cloud and Big Data implementations.- We are partnering with clients to create innovative solutions around themobile device. This quarter we started more than 25 engagements across mobilefield service, device management and enterprise productivity.- Our Engineering Services business continues to see strong growth. With over150 active clients, we had 52 wins this quarter across industries.- Infosys Edge continues its momentum in the market as we invest intechnologies like Social, Mobile, Analytics and Cloud. This quarter we had 14wins - eight for platforms and six for products. We also launched TradeEdge,an insights-driven sales platform that help brands accurately sense andfulfill consumer demand while significantly improving sales and operationalperformance.- Infosys Finacle™ sustained its business momentum in the quarter with eightnew wins; 11 banks went live on the platform across India, Africa, Middle Eastand South East Asia.- The District of Columbia's new online health insurance marketplace, DCHealth Link, designed and implemented by Infosys Public Services Inc,successfully went live on October 1, 2013.- To keep pace with the business momentum in the region, we expanded ourpresence in Australia with a new office in Sydney. Infosys BPO opened a newdelivery center in Eindhoven, the Netherlands to strengthen its globalfootprint and reinforce its presence in Europe.- During the third quarter, Infosys applied for 22 unique patent applicationsin India and the U.S. With this, we have 533 patent applications undergoingvarious stages of patent prosecution in India, the U.S. and otherjurisdictions. We have been granted 143 patents by the United States Patentand Trademark Office, one patent by Australian Patent Office and three patentsby the Luxembourg patent office.Awards and Recognition- We have been positioned in the winner's circle in HfS Enterprise AnalyticsServices Blueprint 2013. The report recognizes Infosys for its significantscale in analytics, execution excellence across service areas, andresponsiveness to clients.- Oracle has awarded us with its 2013 Oracle Excellence Award for `SpecializedPartner of the Year' -- North America in the Services Partner of the Year, andBusiness Intelligence Partner of the Year categories. In addition, we werealso awarded 2013 Oracle Excellence Award Honorable Mentions for `SpecializedPartner of the Year' -- North America for Communications, Media andEntertainment; Energy & Utilities; and Financial Services. We were alsoawarded the 2013 APAC Oracle Excellence Award for `Specialized Partner of theYear' -- Industry.- Avivia Health from Kaiser Permanente, recognized Infosys Public Services asa strategic partner to develop its innovative gamification platform to improveconsumer engagement.- The National Outsourcing Association (NOA) has presented Infosys and BritishTelecom with the 2013 award for excellence in telecommunication, utilities andhi-tech outsourcing.- The CEB TowerGroup Mobile Banking Solutions Technology Analysis report andthe Core Banking Systems for the Large Bank Market report, both recognizedInfosys Finacle™ as a `Best-in-Class' provider.- Gartner's International Retail Core Banking report positioned InfosysFinacle™ as a Leader in its Magic Quadrant for International Retail CoreBanking* for the seventh time in a row.*Source: Gartner, Inc., "Magic Quadrant for International RetailCore Banking," Don Free and Ethan Wang, October 8, 2013. Gartner does notendorse any vendor, product or service depicted in its research publications,and does not advise technology users to select only those vendors with thehighest ratings.- Infosys BPO has been positioned in the Leaders category in Everest Group'sProcurement Outsourcing (PO) Service Provider Landscape with PEAK MatrixAssessment 2013 report.- We have won the prestigious Global Most Admired Knowledge Enterprise (MAKE)Award for the ninth time. We have also won the Asian MAKE Award eleven timesin a row.- At Asiamoney's annual Corporate Governance Poll 2013, we were recognized asthe Best Overall for Corporate Governance, Responsibilities of Management andthe Board of Directors, Disclosure and Transparency, Shareholders' Rights andEquitable Treatment, and Investor Relations.- We received the `Platinum' award at `The Asset' Excellence in Management andCorporate Awards 2013.- The IR global rankings 2013 ranked us third globally for corporategovernance practices and second for IR website in India.Board ChangesInduction of U.B. Pravin Rao and Kiran Mazumdar-ShawThe Board of Directors appointed Mr. U B Pravin Rao as an Additional andWhole-time Director and Ms. Kiran Mazumdar-Shaw as an Additional (Independent)Director.Mr. Pravin Rao is currently the President of the Company. He is responsiblefor driving growth and differentiation across a portfolio of businesses. Theseinclude Retail, Consumer Packaged Goods and Logistics, Life Sciences,Resources & Utilities, Services, Growth Markets, Cloud & Mobility, and Quality& Productivity. In addition, he is responsible for Global Delivery and ServiceInnovation. Pravin is also the Director of the Infosys Leadership Institute(ILI) globally. ILI is responsible for the selection, development, researchand succession of senior and high-potential leaders. He has over 25 years ofexperience, working on engagements with clients, primarily in retail andfinancial services. Since joining Infosys in 1986, he has held a number ofsenior leadership roles such as Head of Infrastructure Management Services,Delivery Head for Europe, and Head of Retail, Consumer Packaged Goods,Logistics and Life Sciences. Pravin holds a degree in electrical engineeringfrom Bangalore University, India.Ms. Kiran Mazumdar-Shaw is the Chairman & Managing Director of Biocon Limiteda biotechnology company based in Bangalore, India. Kiran is highly respectedin the corporate world and has been named among TIME magazine's 100 mostinfluential people in the world. Recently, Economic Times placed her at IndiaInc's top 10 most powerful women CEO for the year 2012. Her pioneering effortsin biotechnology have drawn global recognition both for Indian Industry andBiocon. She received a graduate honors degree in Zoology from BangaloreUniversity (1973) and qualified as a Master Brewer from Ballarat University,Australia (1975). Kiran has also received many honorary Doctorates inrecognition of her pre-eminent contributions to the field of biotechnology.Retirement of David BoylesIn accordance with the Retirement Policy for the company's Board of Directors(attainment of 65 years of age for Independent Directors appointed to theInfosys Board prior to October 15, 2010), David L. Boyles, IndependentDirector, will retire from the Board effective January 17, 2014. David L.Boyles joined the Infosys Board in July 2005.N. R. Narayana Murthy, Executive Chairman of the Board said, "David has playedan important role on the Board. His insights on Risk Management havebenefitted the Company immensely and have helped us strengthen our approach toRisk Management. We thank David for his contribution to the Board and inparticular to the Risk Management Committee, in his capacity as the Chair ofthe Committee. We will miss his knowledge and unique insights."David L. Boyles thanked the Board and said, "I have had a rewardingassociation with Infosys over the past

  • Infosys Limited (NYSE: INFY) Announces Results for the Quarter ended December 31, 2013 (IFRS – INR Press Release)
    PR Newswire Europe TODWire, 2014
    Co-Authors: P R Newswire
    Abstract:

    ; PR Newswire/Les Echos/Press ReleaseInfosys Announces Results for the Quarter ended December 31, 2013Q3 revenues grew by 0.5% quarter-on-quarter; 25.0% year-on-year Net profit grewby 19.4% quarter-on-quarter; 21.4% year-on-yearMysore, India - January 10, 2014Financial HighlightsConsolidated results under International Financial Reporting Standards(IFRS) for the quarter ended December 31, 2013> Revenues were INR 13,026 crore for the quarter ended December 31, 2013 QoQ growth was 0.5% YoY growth was 25.0%> Net profit was INR2,875 crore for the quarter ended December 31, 2013 QoQ growth was 19.4%* YoY growth was 21.4%> Earnings per share (EPS) was INR50.32 for the quarter ended December 31, 2013 QoQ growth was 19.5%* YoY growth was 21.3%> Liquid assets including cash and cash equivalents, available-for-sale financial assets, certificates of deposits and government bonds were INR27,440 crore as on December 31, 2013 versus INR26,907 crore as on September 30, 2013* including the provision for visa related matters made in quarter ended September 30, 2013 Other highlights: > Infosys and its subsidiaries added 54 clients during the quarter > Gross addition of 6,682 employees for the quarter by Infosys and its subsidiaries > 158,404 employees as on December 31, 2013 for Infosys and its subsidiaries"The year ahead looks exciting for the IT services industry. We believe theglobal economic environment has improved and our clients are gaining confidenceto invest in their strategic initiatives." said S. D. Shibulal, CEO andManaging Director. "We continue to differentiate ourselves to seize growthopportunities. The recent changes in organizational structure will enable usto strengthen client relationships and increase market share.""During the quarter, we saw early but promising results of our initiatives toincrease efficiency in our operations" said Rajiv Bansal, Chief FinancialOfficer. "We continue to remain focused on making investments necessary tosecure and grow our future."Outlook*The company's outlook (consolidated) for the fiscal year ending March 31, 2014,under IFRS is as follows:> Revenues are expected to grow 24.4%-24.9%* Conversion 1 US$ = INR61.81 for the rest of the fiscal yearBusiness Highlights> We have partnered with a leading manufacturer, Diebold, to further itstransformation journey and streamline its service, supply chain management, andfinancial operations processes.> Our focus on Cloud and Big Data as new growth areas continues to yieldresults. We have executed more than 200 engagements and have won more than 20deals this quarter. We have been formally inducted as a member of the steeringcommittee of the global Open Data Center Alliance (ODCA) to help define the nextgeneration of enterprise-ready Cloud and Big Data implementations.> We are partnering with clients to create innovative solutions around themobile device. This quarter we started more than 25 engagements across mobilefield service, device management and enterprise productivity.> Our Engineering Services business continues to see strong growth. With over150 active clients, we had 52 wins this quarter across industries.> Infosys Edge continues its momentum in the market as we invest in technologieslike Social, Mobile, Analytics and Cloud. This quarter we had 14 wins - eightfor platforms and six for products. We also launched TradeEdge, aninsights-driven sales platform that help brands accurately sense and fulfillconsumer demand while significantly improving sales and operationalperformance.> Infosys Finacle(tm) sustained its business momentum in the quarter with eightnew wins; 11 banks went live on the platform across India, Africa, Middle Eastand South East Asia.> The District of Columbia's new online health insurance marketplace, DC HealthLink, designed and implemented by Infosys Public Services Inc, successfully wentlive on October 1, 2013.> To keep pace with the business momentum in the region, we expanded ourpresence in Australia with a new office in Sydney. Infosys BPO opened a newdelivery center in Eindhoven, the Netherlands to strengthen its global footprintand reinforce its presence in Europe.> During the third quarter, Infosys applied for 22 unique patent applications inIndia and the U.S. With this, we have 533 patent applications undergoing variousstages of patent prosecution in India, the U.S. and other jurisdictions. We havebeen granted 143 patents by the United States Patent and Trademark Office, onepatent by Australian Patent Office and three patents by the Luxembourg patentoffice.Awards and Recognition> We have been positioned in the winner's circle in HfS Enterprise AnalyticsServices Blueprint 2013. The report recognizes Infosys for its significant scalein analytics, execution excellence across service areas, and responsiveness toclients.> Oracle has awarded us with its 2013 Oracle Excellence Award for 'SpecializedPartner of the Year' - North America in the Services Partner of the Year, andBusiness Intelligence Partner of the Year categories. In addition, we were alsoawarded 2013 Oracle Excellence Award Honorable Mentions for 'Specialized Partnerof the Year' - North America for Communications, Media and Entertainment; Energy& Utilities; and Financial Services. We were also awarded the 2013 APAC OracleExcellence Award for 'Specialized Partner of the Year' - Industry.> Avivia Health from Kaiser Permanente, recognized Infosys Public Services as astrategic partner to develop its innovative gamification platform to improveconsumer engagement.> The National Outsourcing Association (NOA) has presented Infosys and BritishTelecom with the 2013 award for excellence in telecommunication, utilities andhi-tech outsourcing.> The CEB TowerGroup Mobile Banking Solutions Technology Analysis report andthe Core Banking Systems for the Large Bank Market report, both recognizedInfosys Finacle(tm) as a 'Best-in-Class' provider.> Gartner's International Retail Core Banking report positioned InfosysFinacle(tm) as a Leader in its Magic Quadrant for International Retail CoreBanking* for the seventh time in a row.*Source: Gartner, Inc., "Magic Quadrant for International Retail Core Banking,"Don Free and Ethan Wang, October 8, 2013. Gartner does not endorse any vendor,product or service depicted in its research publications, and does not advisetechnology users to select only those vendors with the highest ratings.> Infosys BPO has been positioned in the Leaders category in Everest Group'sProcurement Outsourcing (PO) Service Provider Landscape with PEAK MatrixAssessment 2013 report.> We have won the prestigious Global Most Admired Knowledge Enterprise (MAKE)Award for the ninth time. We have also won the Asian MAKE Award eleven times ina row.> At Asiamoney's annual Corporate Governance Poll 2013, we were recognized asthe Best Overall for Corporate Governance, Responsibilities of Management andthe Board of Directors, Disclosure and Transparency, Shareholders' Rights andEquitable Treatment, and Investor Relations.> We received the 'Platinum' award at 'The Asset' Excellence in Management andCorporate Awards 2013.> The IR global rankings 2013 ranked us third globally for corporate governancepractices and second for IR website in India.Board ChangesInduction of U.B. Pravin Rao and Kiran Mazumdar-ShawThe Board of Directors appointed Mr. U B Pravin Rao as an Additional andWhole-time Director and Ms. Kiran Mazumdar-Shaw as an Additional (Independent)Director.Mr. Pravin Rao is currently the President of the Company. He is responsible fordriving growth and differentiation across a portfolio of businesses. Theseinclude Retail, Consumer Packaged Goods and Logistics, Life Sciences,Resources & Utilities, Services, Growth Markets, Cloud & Mobility, andQuality & Productivity. In addition, he is responsible for Global Delivery andService Innovation. Pravin is also the Director of the Infosys LeadershipInstitute (ILI) globally. ILI is responsible for the selection, development,research and succession of senior and high-potential leaders. He has over25 years of experience, working on engagements with clients, primarily inretail and financial services. Since joining Infosys in 1986, he has held anumber of senior leadership roles such as Head of Infrastructure ManagementServices, Delivery Head for Europe, and Head of Retail, Consumer PackagedGoods, Logistics and Life Sciences. Pravin holds a degree in electricalengineering from Bangalore University, India.Ms. Kiran Mazumdar-Shaw is the Chairman & Managing Director of Biocon Limited abiotechnology company based in Bangalore, India. Kiran is highly respected inthe corporate world and has been named among TIME magazine's 100 mostinfluential people in the world. Recently, Economic Times placed her at IndiaInc's top 10 most powerful women CEO for the year 2012. Her pioneering effortsin biotechnology have drawn global recognition both for Indian Industry andBiocon. She received a graduate honors degree in Zoology from BangaloreUniversity (1973) and qualified as a Master Brewer from Ballarat University,Australia (1975). Kiran has also received many honorary Doctorates inrecognition of her pre-eminent contributions to the field of biotechnology.Retirement of David BoylesIn accordance with the Retirement Policy for the company's Board of Directors(attainment of 65 years of age for Independent Directors appointed to theInfosys Board prior to October 15, 2010), David L. Boyles, Independent Director,will retire from the Board effective January 17, 2014. David L. Boyles joinedthe Infosys Board in July 2005.N. R. Narayana Murthy, Executive Chairman of the Board said, "David has playedan important role on the Board. His insights on Risk Management have benefittedthe Company immensely and have helped us strengthen our approach to RiskManagement. We thank David for his contribution to the Board and in particularto the Risk Management Committee, in his capacit

Ole Hagen Jorgensen - One of the best experts on this subject based on the ideXlab platform.

  • Reform and backlash to reform: economic effects of ageing and Retirement Policy - Reform and Backlash to Reform : Economic Effects of Ageing and Retirement Policy
    Policy Research Working Papers, 2010
    Co-Authors: Svend E. Hougaard Jensen, Ole Hagen Jorgensen
    Abstract:

    Using a stochastic general equilibrium model with overlapping generations, this paper studies (i) the effects on both extensive and intensive labor supply responses to changes in fertility rates, and (ii) the potential of a Retirement reform to mitigate the effects of fertility changes on labor supply. In order to neutralize the effects on effective labor supply of a fertility decline, a Retirement reform, designed to increase labor supply at the extensive margin, is found to simultaneously reduce labor supply at the intensive margin. This backlash to Retirement reform requires the statutory Retirement age to increase more than proportionally to fertility changes in order to compensate for endogenous responses of the intensity of labor supply. The robustness of this result is checked against alternative model specifications and calibrations relevant to an economic region such as Europe.

  • reform and backlash to reform economic effects of ageing and Retirement Policy
    2010
    Co-Authors: Svend Hougaard E Jensen, Ole Hagen Jorgensen
    Abstract:

    Using a stochastic general equilibrium model with overlapping generations, this paper studies (i) the effects on both extensive and intensive labor supply responses to changes in fertility rates, and (ii) the potential of a Retirement reform to mitigate the effects of fertility changes on labor supply. In order to neutralize the effects on effective labor supply of a fertility decline, a Retirement reform, designed to increase labor supply at the extensive margin, is found to simultaneously reduce labor supply at the intensive margin. This backlash to Retirement reform requires the statutory Retirement age to increase more than proportionally to fertility changes in order to compensate for endogenous responses of the intensity of labor supply. The robustness of this result is checked against alternative model specifications and calibrations relevant to an economic region such as Europe.

  • Reform and Backlash to Reform: Effects of Ageing and Retirement Policy
    SSRN Electronic Journal, 2010
    Co-Authors: Svend E. Hougaard Jensen, Ole Hagen Jorgensen
    Abstract:

    Using a stochastic general equilibrium model with overlapping generations, this paper studies (i) the effects on both extensive and intensive labour supply responses to changes in fertility rates, and (ii) the potential of a Retirement reform to mitigate the effects of fertility changes on labour supply. In order to neutralize the effects on effective labour supply of a fertility decline, a Retirement reform, designed to increase labour supply at the extensive margin, is found to simultaneously reduce labour supply at the intensive margin. This backlash to Retirement reform requires the statutory Retirement age to increase more than proportionally to fertility changes in order to compensate for endogenous responses of the intensity of labour supply. The robustness of this result is checked against alternative model specifications and calibrations relevant to an economic region such as Europe.

  • Labor Supply And Retirement Policy In An Overlapping Generations Model With Stochastic Fertility - Labor Supply and Retirement Policy in an Overlapping Generations Model with Stochastic Fertility
    Policy Research Working Papers, 2010
    Co-Authors: Ole Hagen Jorgensen, Svend E. Hougaard Jensen
    Abstract:

    Using a stochastic general equilibrium model with overlapping generations, this paper studies a Policy rule for the Retirement age aiming at offsetting the effects on the supply of labor following fertility changes. The authors find that the Retirement age should increase more than proportionally to the direct fall in labor supply caused by a fall in fertility. The robustness of this result is checked against alternative model specifications and parameter values. The efficacy of the Policy rule depends crucially on the link between the preference for leisure and the response of the intensive margin of labor supply to changes in the statutory Retirement age. The model has subsequently been calibrated for Brazil by Jorgensen (2010), in the context of the Brazil Aging Study.

  • labor supply and Retirement Policy in an overlapping generations model with stochastic fertility
    2010
    Co-Authors: Ole Hagen Jorgensen, Svend Hougaard E Jensen
    Abstract:

    Using a stochastic general equilibrium model with overlapping generations, this paper studies a Policy rule for the Retirement age aiming at offsetting the effects on the supply of labor following fertility changes. The authors find that the Retirement age should increase more than proportionally to the direct fall in labor supply caused by a fall in fertility. The robustness of this result is checked against alternative model specifications and parameter values. The efficacy of the Policy rule depends crucially on the link between the preference for leisure and the response of the intensive margin of labor supply to changes in the statutory Retirement age. The model has subsequently been calibrated for Brazil by Jorgensen (2010), in the context of the Brazil Aging Study.

Angel Paniagua Mazorra - One of the best experts on this subject based on the ideXlab platform.

  • analysis of the evolution of farmers early Retirement Policy in spain the case of castille and leon
    Land Use Policy, 2000
    Co-Authors: Angel Paniagua Mazorra
    Abstract:

    Abstract The aim of this paper is to present an empirical analysis of early Retirement CAP (R. 2079/92) Policy in Spain. The guidelines issued by the commission in 1985 (COM(85)750 last) emphasise the need to help young farmers to get started and describe the handicaps to be overcome by young individuals seeking to start up as farmers on account of reduced mobility in ownership of arable land. The early Retirement Policy is a structural and rural development Policy (installation of young farmers, modernisation of agrarian structures). We explore the implementation of this process on a national and regional level in Spain and Castille and Leon, and review its inconsistencies and the interests of the parties involved. The early Retirement scheme presents poor results because of its extra-cultural nature, unconnected with the traditions of inheritance and the farmers’ interests.

Maarten Lindeboom - One of the best experts on this subject based on the ideXlab platform.

  • effects of early Retirement Policy changes on working until Retirement natural experiment
    International Journal of Environmental Research and Public Health, 2019
    Co-Authors: Cecile R L Boot, Micky Scharn, Allard J Van Der Beek, Lars L Andersen, Chris Elbers, Maarten Lindeboom
    Abstract:

    Many European countries have implemented pension reforms to increase the statutory Retirement age with the aim of increasing labor supply. However, not all older workers may be able or want to work to a very high age. Using a nation-wide register data of labor market transitions, we investigated in this natural experiment the effect of an unexpected change in the Dutch pension system on labor market behaviors of older workers. Specifically, we analyzed transitions in labor market positions over a 5-year period in two nation-wide Dutch cohorts of employees aged 60 years until they reached the Retirement age (n = 23,703). We compared transitions between the group that was still entitled to receive early Retirement benefits to a group that was no longer entitled to receive early Retirement benefits. Results showed that the pension reform was effective in prolonging work participation until the statutory Retirement age (82% vs. 61% at age 64), but also to a larger proportion of unemployment benefits in the 1950 cohort (2.0%-4.2%) compared to the 1949 cohort (1.4%-3.2%). Thus, while ambitious pension reforms can benefit labor supply, the adverse effects should be considered, especially because other studies have shown a link between unemployment and poor health.

Robert R Reed - One of the best experts on this subject based on the ideXlab platform.

  • labor market search and optimal Retirement Policy
    Economic Inquiry, 2004
    Co-Authors: Joydeep Bhattacharya, Casey B Mulligan, Robert R Reed
    Abstract:

    A popular and long-standing view is that social security is a means for young, unemployed people to "purchase" jobs from older workers. Can social security, by encouraging Retirement and hence creating job vacancies for the young, improve the allocation of workers to jobs? Maybe, according to a standard model of labor market search, but public Retirement programs currently pay the elderly substantially more than their jobs are worth. An important effect is that Retirement reduces the value of other vacant jobs. Our results imply that recent reforms aimed at reducing Retirement incentives are likely to improve labor market efficiency. (JEL J41, H55, J64, J26) Copyright 2004, Oxford University Press.

  • labor market search and optimal Retirement Policy
    National Bureau of Economic Research, 2001
    Co-Authors: Joydeep Bhattacharya, Casey B Mulligan, Robert R Reed
    Abstract:

    A popular view about social security, dating back to its early days of inception, is that it is a means for young, unemployed workers to 'purchase' jobs from older, employed workers. The question we ask is: Can social security, by encouraging Retirement and hence creating job vacancies for the young, improve the allocation of workers to jobs in the labor market? Using a standard model of labor market search, we establish that the equilibrium with no Policy-induced Retirement can be efficient. Even under worst-case parameterizations of our model, we find that public Retirement programs pay the elderly substantially more than labor market search theory implies that their jobs are worth. An important effect, ignored by the popular view, is that the creation of a vacant job by a Retirement reduces the value of other vacant jobs.