We estimate how raising the statutory retirement age affects employment by considering the pension age reform in Estonia, that gradually raised the normal retirement age (NRA) for women from 58 to 61.5 and the early retirement age (ERA) from 56 to 59.5 during the period of 2001–2011. The analysis employs a difference-in-differences estimation strategy on register data covering women born between 1943 and 1952. The reform did have an impact on the employment rate of affected women, with an estimated increase of 4.1 percentage points associated with the rise in the NRA, and 3.4 percentage points with the rise in the ERA. These estimates are at the lower end of those found in previous studies for other countries, pointing to the role of contextual features such as lower replacement rates and fewer disincentives to work while drawing pensions.

通过考虑爱沙尼亚的养老金年龄改革，我们可以估计法定退休年龄的提高如何影响就业，该改革将妇女的正常退休年龄（NRA）从58逐步提高到了61.5，早期退休年龄（ERA）从56提高到了59.5。 2001-2011年。该分析对包括1943年至1952年之间出生的妇女的登记数据采用了差异差异估计策略。这项改革确实对受影响妇女的就业率产生了影响，估计增加了4.1个百分点，这与就业率的上升有关。 NRA，以及ERA的上升，上升了3.4个百分点。这些估计值在先前针对其他国家的研究中得出的估计值较低，指出了上下文特征的作用，例如较低的重置率和较少的领取养老金的工作动机。