Publication: Income growth in the United Kingdom during late career and after retirement: growing inequalities after deindustrialisation, educational expansion and development of the knowledge-based economy
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2023-02-01
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Cambridge University Press
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Abstract
This article shows how late-life incomes from work and pensions evolved in the United
Kingdom between 1991 and 2007, the year the Great Recession began. Our main contribution
comes from focusing on changes across cohorts in different educational groups
while also considering the gender divide. Our statistical analyses based on the British
Household Panel Survey (BHPS) suggest that deindustrialisation, the expansion of jobs
in the knowledge economy and pension reforms affected senior workers’ incomes before
and after retirement. Highly qualified senior male workers have profited from increasing
income across the cohorts more than any other social group. Such a trend is not observed
among highly qualified female workers. Male and female low-qualified senior workers do
not show major income loses, but have not benefited to the same extent as highly educated
male workers. As a result, pension income inequalities between highly qualified men and
the rest have increased. The increasing pensions gap between educational groups can be
traced back to the improving situation on the labour market for highly qualified male
workers, and to reforms benefiting private pension schemes, where the highly qualified
are overrepresented. Thus, the shift in pension provisions towards private pension
schemes is clearly disadvantageous for low-qualified male workers and for women of
all educational levels, and contributes to the increase of social inequalities.
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Ageing, Income inequalities, Gender inequalities, Pension income, Deindustrialisation, Knowledge-based economy
Bibliographic citation
Veira-Ramos A, Schmelzer P. (2023). Income growth in the United Kingdom during late career and after retirement: growing inequalities after deindustrialisation, educational expansion and development of the knowledge-based economy. Ageing & Society 43, pp. 393-420.