Competing Risk Model in “Senior Workers”: Evidence of the Chilean Labor Market
DOI:
https://doi.org/10.35319/lajed.202033419Keywords:
Senior workers, Competing Risk Models, Labor markets, Exogenous ShockAbstract
The age composition of the labor market has changed in recent decades, generating a significant increase in workers over 50 years. This document analyzes the patterns within the labor market of workers who are close to or at retirement age, called “Senior Workers” in the presence of an exogenous shock of job destruction. It generates a contribution to existing literature to identify the characteristics of the labor reintegration towards different exit vectors of this group of the population. Data from the 2004-2015 Social Protection Survey of Chile were used to apply the Competitive Risk Model and it was found that senior unemployed people are less likely to find a formal job than workers under 50 years of age and that this is exacerbated as they approach 60-80 years. Gender and age gaps were analyzed, and comparisons were made with other duration models.
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