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As populations age, governments and policy-makers around the world are grappling with the issue of trying to raise participation rates for older workers. The wage-productivity gap occurs when there is a gap between the wage paid to the worker and the worker's productivity level such as with seniority-based wage models. The horizon effect suggests that if policy-makers wish to increase the employment rate for older workers near retirement age, the solution would be to increase the retirement age. [Extracted from the article] email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
