Retirement delay unified or differentiated—based on the interaction between pension deficit and labor market

China Finance and Economic Review

Table 3 Preference of the insured for retirement delay

Background		μ	Φ	τ	Number	e	\( {\mathrm{N}}_{\mathrm{t}}^{\mathrm{wh}} \)	\( {\mathrm{N}}_{\mathrm{t}}^{\mathrm{wl}} \)	\( {\mathrm{N}}_{\mathrm{t}}^{\mathrm{rh}} \)	\( {\mathrm{N}}_{\mathrm{t}}^{\mathrm{rl}} \)	w_t	δ*
Low unemployment rate	High-skilled workers	1	0.8	0.28	0.005	0.11	0.1	0.9	0.05	0.45	0.6	0.4144
Low unemployment rate	Low-skilled workers	1	0.8	0.28	0.005	0.25	0.1	0.9	0.05	0.45	0.3	0.1746
High unemployment rate	High-skilled workers	1	0.8	0.28	0.005	0.12	0.1	0.9	0.05	0.45	0.6	0.4097
High unemployment rate	Low-skilled workers	1	0.8	0.28	0.005	0.3	0.1	0.9	0.05	0.45	0.3	0.1629
Low wage rate	High-skilled workers	1	0.8	0.28	0.005	0.11	0.1	0.9	0.05	0.45	0.4	0.2763
Low wage rate	Low-skilled workers	1	0.8	0.28	0.005	0.25	0.1	0.9	0.05	0.45	0.2	0.1164
High wage rate	High-skilled workers	1	0.8	0.28	0.005	0.11	0.1	0.9	0.05	0.45	0.6	0.4144
High wage rate	Low-skilled workers	1	0.8	0.28	0.005	0.25	0.1	0.9	0.05	0.45	0.3	0.1746
Low substitution effect	High-skilled workers	1	0.8	0.28	0.005	0.11	0.1	0.9	0.05	0.45	0.6	0.4144
Low substitution effect	Low-skilled workers	0.7	0.8	0.28	0.005	0.25	0.1	0.9	0.05	0.45	0.3	0.2494
High substitution effect	High-skilled workers	2	0.8	0.28	0.005	0.11	0.1	0.9	0.05	0.45	0.6	0.2072
High substitution effect	Low-skilled workers	1.2	0.8	0.28	0.005	0.25	0.1	0.9	0.05	0.45	0.3	0.1455