Leader: Domenico De Giovanni (UNICAL); Other collaborator(s): Mario Padula (UNIVE); Greta Falavigna (CNR)
Map firm-level integrated welfare related to longitudinal patterns of workers's careers and sectors of employment with particular attention to North/South inequalities. Assess the relevance and insurance value of the different models of integrated welfare also compared to the experience of other countries.
Brief description of the activities and of the intermediate results:
Ongoing work: mapping firm-level integrated welfare related to longitudinal patterns of workers’ careers and sectors of employment with particular attention to North/South inequalities. Assess the relevance and insurance value of the different models of integrated welfare also compared to the experience of other countries. Also, a second line of work studies the dependence structure of mortality in pensions funds, to better quantify and manage in the long- term the longevity risk.
Main policy, industrial and scientific implications
Annuities can be directed to single individuals or to couples (through widower’s pension or survivor’s pension). In the second case of couples, one important aspect is on the joint modeling mortality of partners. When doing so, it is important to take into account not only improvements of longevity, but also dependence, that is the correlation in mortality within the couple.
Brief description of the activities and of the intermediate results:
1. Focus on the design of policies and benefit provisions for old age. Preliminary estimates, based on individual-level data, show that inadequate local services push families to buy care, reducing family income and worsening poverty among low-income seniors.
2. "Integrated welfare" studies look at the welfare value of pension contracts that take account of the situation of couples. This requires computing and forecasting longevity improvements and mortality dependence within couples.
3. "Saving for Retirement" research looks at economic shocks and shows that effective insurance for old age should cover consumption expenditures, but also exceptional medical expenses.
Brief description of the activities and of the intermediate results:
A line of work, leveraging on administrative data, provides evidence on the individuals’ financial investment decisions in pension funds, identifying the sources of inequalities in the outcomes. A second line of work studies the dependence structure of mortality in pensions funds, to better quantify and manage in the long- term the longevity risk. A third line of work studies the dynamic structure of disability risk in order to plan for a system of integrated welfare that takes into account the future individual needs.
(i) Map firm-level integrated welfare related to longitudinal patterns of workers’ careers and sectors of employment with particular attention to North/South inequalities. Assess the relevance and insurance value of the different models of integrated welfare also compared to the experience of other countries.
(ii) Design new products of integrated welfare, capable of providing protection to a wide audience of people.
Brief description of the activities and of the intermediate results:
The team analyzed a Notional Defined Contribution structure that integrates long-term care and critical illness benefits into the pension system.
Main policy, industrial and scientific implications
Our findings have the following implications:
- They guide resource allocation to improve support services for individuals with disabilities.
- They help policymakers prioritize investments in preventative care, early interventions, and rehabilitation programs.
- They allow for the development of targeted health initiatives aimed at reducing disparities and improving outcomes for vulnerable populations
- Form a gender-based perspective, insurance products must be sensitive to these differences to ensure equitable treatment and access. For example, disability support programs could incorporate gender-specific considerations to address the unique challenges faced by men and women. Similarly, the design of insurance premiums and benefits can account for these disparities, offering more accurate and fair assessments of risk. It is important to note that in some jurisdictions, gender-based discrimination in insurance pricing is prohibited by law (e.g. in the European Union, the Council Directive 2004/113/EC, known as the Gender Directive, enforces the principle of equal treatment between men and women in accessing and supplying goods and services, explicitly including insurance).
Dissemination Events:
- AGE-It General Meeting. Age-It announced the Call for Papers for the General Meeting, organized by Spoke 6, which took place in Venice at the Ca’ Foscari University from May 20th to May 22nd at San Giobbe Economic Campus – Cannaregio 873 – 30121 Venice. During the meeting, parallel sessions were hold dedicated to the research conducted by members of the Age-It community. Each session focused on a broad theme with contributions from various disciplines. Every session emphasized the implications of the research for practice and policies in the biomedical, demographic, social, and economic fields, and/or on technological innovation. The General Meeting was an important dissemination event that reached and engaged more than 400 participants. The main results presented and discussed at the Age-It general meeting, received significant attention by the research community and are expected to influence both practice and policies for an active and healthy ageing.
- Workshop "The Silver Economy: Ageing, Work, Retirement and Welfare", 8-10-2024, organized at INPS
- Presentation at SIE (Società Italiana degli Economisti), Urbino (24-26 october). Paper presented: "Riforme previdenziali e divari di genere nei redditi pensionistici", by Monica Paiella
- Presentation at AIEL, Napoli (3-5 october). Paper presented: "Riforme previdenziali e divari di genere nei redditi pensionistici", by Monica Paiella
- Festival della Scienza-Futuro Remoto, 19 e 20 ottobre, Napoli. Titolo: "Futuro d'Argento": Consapevolezza, Ricerca e Azione in una società che invecchia. Team: D'Ascenzio A., Demarco D., Di Pietro C., Errichiello L., Falavigna G., Giglio F., Greco F., Lamonica V., Nanetti S., Salmista O., Tesauro T., Toffanin T.
- Workshop "Salute publbica ed invecchiamento in Calabria" 3-4/10/2024 - Organizzato presso l'Università della Calabria
Scientific Outputs:
- Daminato C. and M. Padula: The life-cycle effects of pension reform: A structural Approach, 2023
- Paiella, M.: The gender gap in pension: A cohort of birth approach, 2023
- Blundell R., M. Borella, J. Commault, M. De Nardi: “Old Age Risks, Consumption, and Insurance”, 2023
- Parodi F., P. Moran, M. O'Connell, C. O’Dea: “Heterogeneity in Household Spending and Well-being around Retirement”, 2023
- Paiella, M. and G. Santoro: Divari di genere nei redditi pensionistici e riforme previdenziali, 2024 (forthcoming in Il Mulino – Special issue sui divari di genere)
- Z. Chaieb, D. De Giovanni, D.Gueye. Two hybrid models for dependent death times of couple: a common shock approach; . Scandinavian Actuarial Journal, 2024 (5) 440-462
- D. De Giovanni, M. Pirra e F. Viviano. Joint mortality models based on subordinated linear hypercubes, . Submitted working paper.
- D. De Giovanni, M. Menzietti, M. Pirra e F. Viviano. Functional disability in the Health and Retirement Study: a semi-Markov multi-state analysis. Submitted working paper.
- Nicolo' Russo, Rory McGee, Mariacristina De Nardi, Margherita Borella, and Ross Abram. "Health inequality and economic disparities by race, ethnicity, and gender". NBER working paper no. 32971, 2024.
- De Giovanni, Pirra, Viviano: Joint mortality models based on subordinated linear hypercubes. Working paper.
- De Giovanni, Menzietti, Pirra, Viviano: Functional disability in the Health and Retirement study: A Semi-Markov Multistate Analysis. Working paper