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Full-Text Articles in Social and Behavioral Sciences
The Effect Of Minimum Wages On The Employment And Earnings Of South Africa's Domestic Service Workers, Tom Hertz
Upjohn Institute Working Papers
Minimum wages have been in place for South Africa's one million domestic service workers since November of 2002. Using data from seven waves of the Labour Force Survey, this paper documents that the real wages, average monthly earnings, and total earnings of all employed domestic workers have risen since the regulations came into effect, while hours of work per week and employment have fallen. Each of these outcomes can be linked econometrically to the arrival of the minimum wage regulations. The overall estimated elasticities suggest that the regulations should have reduced poverty somewhat for domestic workers, although this last conclusion …
Asynchronous Risk: Unemployment, Equity Markets, And Retirement Savings, Jason S. Seligman, Jeffrey Brian Wenger
Asynchronous Risk: Unemployment, Equity Markets, And Retirement Savings, Jason S. Seligman, Jeffrey Brian Wenger
Upjohn Institute Working Papers
The link between unemployment and pension accumulations is conceptually straightforward; periods of unemployment lead to lower pension contributions, and thus to lower accumulations. However, impacts on accumulation may differ as a result of the timing and frequency of unemployment spells. We hypothesize that unemployment is more likely during periods in which the equities market experiences greater than average returns, largely due to a lead/lag structure of the stock and labor markets, respectively. This would imply that workers may systematically miss opportunities to purchase equities through DC plans when prices are relatively low. To test this hypothesis, we match historic stock …
Health, Wealth And Workforce Exit: Disability Insurance And Individual Accounts, Jason S. Seligman
Health, Wealth And Workforce Exit: Disability Insurance And Individual Accounts, Jason S. Seligman
Upjohn Institute Working Papers
Current debate on the Social Security Administrations long-term finance of benefits includes proposals for independent private investment via individual accounts. The author first investigates what implications disability might have for equity savings account balances. In light of results, incentives to exit the workforce ahead of retirement age are considered when a defined benefit program for disability insurance continues to be available. Included simulation uses historic wage series, equity market performance, and current OASDI regulations for cohorts retiring over the period of 1929 - 2003.