Table 17 Formality path with the first policy experiment: replacement rates and retirement age at 60

23–28

0.399

0.404

0.265

0.274

0.481

0.484

0.615

0.618

29–34

0.619

0.616

0.512

0.503

0.692

0.694

0.778

0.777

35–44

0.756

0.745

0.651

0.649

0.852

0.851

0.854

0.853

45–54

0.747

0.755

0.544

0.556

0.943

0.944

0.904

0.918

55+

0.831

0.677

0.764

0.564

0.875

0.785

0.933

0.770