Pension rights, human capital development and well-being

This dissertation studies to which extent pension system reforms have an effect on training participation, the delivered effort at work, the well-being and the mental health of older employees. The study shows that reducing the pension benefits (discontinuance of pension scheme in the public sector) has a substantial and persistent negative effect on the mental health and well-being of employees. Moreover, the work effort is lower among employees with moderated pension benefits, who have a strong urge for retaliation. The decline in well-being is caused by the fact that employees feel they are treated unjustly and strongly compare themselves with those who keep their original entitlement to pension benefits.