{
  "title": "Exploring the Determinants of Early Retirement in Spain: Spain",
  "publication": "Selected Issues Papers, June 13, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/selected-issues-papers/issues/2025/06/13/exploring-the-determinants-of-early-retirement-in-spain-spain-567722",
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  "summary": "Increased longevity and population aging pose growing fiscal challenges for Spain, which can be mitigated by encouraging greater labor force participation among older workers.",
  "sections": [
    {
      "heading": "Overview and key findings",
      "content": "- Increased longevity and population aging pose growing fiscal challenges for Spain.\n- Encouraging greater labor force participation among older workers can mitigate these fiscal challenges.\n- Over the past decade, increases in both the minimum and standard pensionable age have led to longer average careers, resulting in significant aggregate employment rate gains.\n- Despite these reforms, a considerable proportion of workers still retire early or exit the labor force several years before reaching retirement age."
    },
    {
      "heading": "Determinants and constraints to labor force participation (workers aged 55 and above)",
      "content": "- Deteriorating health conditions.\n- Need for flexibility in work arrangements.\n- Household-related time commitments, such as caregiving for family members.\n- Challenges in maintaining in-demand skills.\n- Financial (dis)incentives embedded in unemployment support programs."
    },
    {
      "heading": "Policy implications and areas for action",
      "content": "- Policy action across a broader range of areas is needed to foster further employment growth among older workers.\n- Address health-related barriers to continued employment.\n- Promote flexible work arrangements suited to older workers.\n- Support caregivers to reduce household time-commitment constraints on labor supply.\n- Enhance lifelong training and skills maintenance to keep older workers in demand.\n- Review unemployment support program incentives that may encourage early exit from the labor force.\n\n---\n\n Content in this bundle\n\n- Sipea2025078\n  - Sipea2025078 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Sipea2025078 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/selected-issues-papers/issues/2025/06/13/exploring-the-determinants-of-early-retirement-in-spain-spain-567722"
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    "[Markdown version](/en/publications/selected-issues-papers/issues/2025/06/13/exploring-the-determinants-of-early-retirement-in-spain-spain-567722/index.md)",
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    "Authors: Carlo Pizzinelli, Rodrigo Barrela",
    "Published: June 13, 2025",
    "Series: Selected Issues Papers",
    "DOI: https://doi.org/10.5089/9798229014953.018",
    "Increased longevity and population aging pose growing fiscal challenges for Spain.",
    "Encouraging greater labor force participation among older workers can mitigate these fiscal challenges.",
    "Over the past decade, increases in both the minimum and standard pensionable age have led to longer average careers, resulting in significant aggregate employment rate gains.",
    "Despite these reforms, a considerable proportion of workers still retire early or exit the labor force several years before reaching retirement age.",
    "Deteriorating health conditions.",
    "Need for flexibility in work arrangements.",
    "Household-related time commitments, such as caregiving for family members.",
    "Challenges in maintaining in-demand skills.",
    "Financial (dis)incentives embedded in unemployment support programs.",
    "Policy action across a broader range of areas is needed to foster further employment growth among older workers.",
    "Address health-related barriers to continued employment.",
    "Promote flexible work arrangements suited to older workers.",
    "Support caregivers to reduce household time-commitment constraints on labor supply.",
    "Enhance lifelong training and skills maintenance to keep older workers in demand.",
    "Review unemployment support program incentives that may encourage early exit from the labor force.",
    "**Sipea2025078**"
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