Will Postponing Retirement Age Affect Youth Employment? A Perspective Differentiating Workforce Education Levels

Zhang Zhiyuan (张志远) and Zhang Minghong (张铭洪)  
 
Postdoctoral Scientific Research Station, Xiamen International Bank, Xiamen, China  
School of Economics, Xiamen University, Xiamen, China  
 
Abstract: This paper calculates the employment substitutability between young  
workforce and ageing workforce using Welch index. The result shows that the employment  
substitutability between these two groups of people is rather poor. Furthermore, the result  
of our dynamic panel regression analysis indicates that an increase in the share of ageing  
workforce is conducive to youth employment. Such a positive effect mainly derives from  
more educated ageing workforce, while the increase of less educated ageing workforce has  
little effect on youth employment.  
Keywords: postponement of retirement, employment substitutability, employment rate  
JEL Classification Code: J26  

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