Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/284252 
Year of Publication: 
2023
Series/Report no.: 
IFS Working Papers No. 23/26
Publisher: 
Institute for Fiscal Studies (IFS), London
Abstract: 
We examine the labour supply response of senior doctors in England following a reform of the public sector pension system that moved employees from a final salary to a career average pension plan. Exploiting the staggered rollout of the reform across narrowly defined age groups, we find that doctors increased labour supply by just under 4% four years after exposure. This implies a labour supply elasticity with respect to pension wealth of -0.05, and with respect to current returns to work of 0.04. This indicates doctors' responses were small despite relatively large changes in financial wealth induced by the reforms.
Subjects: 
Doctor labour supply
Labour supply elasticity
Defined Benefit pensions
Public pension reform
JEL: 
H55
J22
J26
I10
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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