Labor force participation at older ages in the Western Pacific: A microeconomic analysis.

Retirement has become a very important stage of life for persons in developed countries. Life expectancy for those over age 60 has increased markedly. Rising real income and the institution of broad based social security systems have encouraged older workers to leave the labor force at younger ages. p]Reductions in older age mortality have also affected the less developed regions. Increases in the number of older persons, coupled with continuing high fertility, have increased the size of the working age population through both large entry cohorts and longevity of current workers. The capacity of the economy to absorb this growth is severely limited. As a result, labor force decisions by older individuals will be of increasing importance.This study provides new evidence on labor force decisions in four developing countries in the Western Pacific: Fiji, the Republic of Korea, Malaysia, and the Philippines. A uniform survey sponsored by the World Health Organization in the four countries of persons aged 60 and over is employed to estimate the determinants of work decisions.