TY  - RPRT
        AU  - Holzmann, Robert
AU  - Pouget, Yann
AU  - Vodopivec, Milan
AU  - Weber, Michael
        TI  - Severance Pay Programs around the World: History, Rationale, Status, and Reforms
        PY  - 2011/May/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 5731
        UR  - https://www.iza.org/publications/dp5731
        AB  - The paper examines severance pay programs around the world by providing the first ever overview of existing programs, examining their historic development, assessing their economic rationale and describing current reform attempts. While a significant part of the paper is devoted to a comprehensive 183 cross country review of existing severance arrangements and their characteristics, the paper goes beyond a mere description. It develops and empirically tests three hypotheses about the economic rationale of the program, namely severance pay being: (i) a primitive income protection program, (ii) an efficiency enhancing human resource instrument, and (iii) a job protection instrument. The paper also reviews the recent reforms of Austria, Chile, Italy and Korea.
        KW  - severance pay
KW  - termination benefit
KW  - end-of-service benefit
KW  - termination benefits
KW  - seniority pay
KW  - indemnities
KW  - leaving allowances
        ER  -