Effects of increased elderly employment on other workers’ employment and elderly’s earnings in Japan

Table 10 The estimated drop in earnings at age 60 by cohort, relative to cohort 1945

	(1)	(2)	(3)	(4)
Sample	All	All	Large firm (emp > 500)	Small firm (emp < 100)
Cohort 1943	−0.001	0.004	−0.005	−0.006
Cohort 1943	[0.010]	[0.010]	[0.020]	[0.014]
Cohort 1944	0	0.004	−0.001	−0.006
Cohort 1944	[0.010]	[0.010]	[0.022]	[0.014]
Cohort 1946	−0.001	−0.012	−0.013	0.01
Cohort 1946	[0.009]	[0.009]	[0.018]	[0.012]
Cohort 1947	−0.018*	−0.031***	−0.036*	−0.017
Cohort 1947	[0.010]	[0.010]	[0.019]	[0.014]
Cohort 1948	−0.034***	−0.045***	−0.076***	−0.022
Cohort 1948	[0.012]	[0.012]	[0.023]	[0.016]
Cohort 1949	−0.066***	−0.077***	−0.104***	−0.041**
Cohort 1949	[0.015]	[0.015]	[0.032]	[0.020]
Control for industry and firm size	No	Yes	No	No
Observations	1,357,477	1,307,879	526,316	512,090
R-squared	0.247	0.352	0.316	0.143

Note: Standard errors with clustering for establishment ID are presented in brackets. *, **, *** indicate coefficients are statistically significantly different from 0 at the 10, 5, and 1 % levels, respectively. Control variables omitted from the table include age, age squared, over 60 dummy, over 60 dummy × age, over 60 dummy × age squared, education dummies, cohort dummies, and calendar year dummies