Income and Subjective Well-Being: Evidence from Singapore's First National Non-Contributory Pension

Chen, Yanying; Tan, Yi Jin

doi:10.2139/ssrn.2994593

Cited by 5 publications

(5 citation statements)

References 28 publications

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“…Our results, when coupled with the findings in a companion paper that the SSS improved recipients' subjective well-being (Chen and Tan 2017), 5 suggest that the SSS was successful in improving recipients' welfare without substantial crowding out of private transfers, reductions in labour supply, or changes in the behaviour of younger individuals who expect to receive SSS payouts in future.…”

Section: Introductionsupporting

confidence: 69%

“…the 76% of mean peradult-equivalent labour income that recipients in Bando et al (2016)'s study receive. 9 Most of the details in this section can also be found in our companion paper which looks at the effect of the SSS on subjective well-being (Chen and Tan, 2017). 10 The monthly retirement payouts from Singapore's defined contribution scheme does not depend on current work status, but starts at a pre-determined payout eligibility age (65 as of 2018, but can be deferred by choice).…”

Section: Endnotesmentioning

confidence: 99%

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The effect of non-contributory pensions on labour supply and private income transfers: evidence from Singapore

Chen

Tan

2018

IZA J Labor Policy

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Non-contributory pensions are becoming increasingly prevalent worldwide. As their effects are likely to be context-dependent, evaluating their effects in a wide range of settings is important for establishing the external validity of the non-contributory pension literature. We use a new monthly panel dataset and a difference-indifferences strategy to study the effect of a new non-contributory pension in Singapore (the Silver Support Scheme or SSS) on labour supply, work expectations, private cash transfers, and expenditure, 1 year after its implementation. We find no evidence that receiving SSS payouts led to a fall in labour supply, work expectations, or the receipt of private cash transfers in the first year after SSS implementation-our estimated effects for these outcomes are statistically insignificant and are either negative but close to zero or positive. Our point estimates of the effects of receiving SSS payouts on expenditure are positive but too imprecise to allow us to make any definitive conclusions. Lastly, we do not find evidence of anticipatory effects among younger individuals who are not ageeligible for payouts yet. These results, when coupled with our finding in a companion paper that the SSS improved recipients' subjective well-being, suggest that the SSS was successful in improving recipients' welfare without substantial crowding out of private transfers or changes in labour market behaviour of current and future SSS beneficiaries.

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Section: Introductionsupporting

confidence: 69%

Section: Endnotesmentioning

confidence: 99%

The effect of non-contributory pensions on labour supply and private income transfers: evidence from Singapore

Chen

Tan

2018

IZA J Labor Policy

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“…See for instanceChen and Tan (2017). Nevertheless, it is worth noting that this supplement targets only the bottom 20% of the older population and therefore may only lead to marginal improvements of financial security in old age among those eligible.…”

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confidence: 99%

Financial knowledge and portfolio complexity in Singapore

Koh

Mitchell

Rohwedder³

2020

The Journal of the Economics of Ageing

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Financial literacy in Singapore has not been analyzed in much detail, despite the fact that this is one of the world's most rapidly aging nations. Using the Singapore Life Panel®, we explore older Singaporeans' levels of financial knowledge and compare them to those observed in the United States. We assess portfolio complexity for these older households, to examine how financial literacy is related to outcomes of interest. We show that older Singaporeans' levels of financial literacy are comparable overall to those in the United States, even though older Singaporeans score slightly lower on some dimensions (knowledge of interest and inflation), and slightly higher on their knowledge of risk diversification. We document that women are less informed than men about stock diversification, and educated people tend to be more financially knowledgeable than their less educated counterparts. We also find that financial literacy is positively associated with respondents having both more wealth and more diversified and complex portfolios.

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“…By assessing subjective well-being, it is possible to understand the effects of public policy implementation and whether there is an increase in public satisfaction ( 10 ). Variables of subjective well-being include broad measures of overall life satisfaction, as well as satisfaction in narrower areas such as household income ( 11 ). A review of previous studies finds that explorations into the factors affecting older adult subjective well-being mainly focus on individual characteristics and social characteristics ( 12 ).…”

Section: Introduction and Literature Reviewmentioning

confidence: 99%

The impact of basic pension for urban and rural residents on the subjective well-being of the older adult in Chinese rural areas

Yang,

Li,

Zhang

et al. 2024

Front. Public Health

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IntroductionAs an important component of the social security system, basic pension insurance for urban and rural residents is expected to improve the quality of life of rural older adult people and make their lives better and happier. This article mainly studies the relationship between the basic pension for urban and rural residents and the subjective well-being of older adult people in rural China.MethodsThis paper uses data from the China Health and Retirement Longitudinal Study (CHARLS) for the years 2018 and 2020. It selected samples of rural older adult people aged 60 and above, ultimately obtaining 9,310 samples. The impact of the basic pension for urban and rural residents on the subjective well-being of rural older adult people was estimated by constructing Ordinary Least Squares (OLS) estimation methods and ordered logistic regression models. The robustness of the results was verified by changing the regression methods, and the samples were divided into different groups for heterogeneity analysis according to three different standards.ResultsThe results show that the basic pension for urban and rural residents significantly improves the life satisfaction of rural older adult, reduces their degrees of depression, and thereby enhances their subjective well-being. The impact of the basic pension for urban and rural residents is more significant for older adult individuals in areas with a higher gender ratio, those suffering from chronic diseases, and those in the eastern regions of the country. Further verification indicates that the basic pension for urban and rural residents enhances the subjective well-being of the rural older adult by improving their health status and reducing their labor supply.DiscussionMost of the existing research on basic pension insurance for urban and rural residents and subjective well-being has been conducted from the perspective of whether individuals are enrolled in the pension scheme or whether they received a pension. However, there are few studies analyzing from the perspective of the amount of pension benefits received by residents. The results of this study help to enrich the research perspective on the basic pension insurance system for urban and rural residents in China and expand the understanding of the impact and value of the basic pension for urban and rural residents.

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Income and Subjective Well-Being: Evidence from Singapore's First National Non-Contributory Pension

Cited by 5 publications

References 28 publications

The effect of non-contributory pensions on labour supply and private income transfers: evidence from Singapore

The effect of non-contributory pensions on labour supply and private income transfers: evidence from Singapore

Financial knowledge and portfolio complexity in Singapore

The impact of basic pension for urban and rural residents on the subjective well-being of the older adult in Chinese rural areas

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