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Flexible Wages and the Costs of Job Displacement

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2022

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IZA Discussion Paper; No. 14942

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This paper investigates whether flexible pay increases the wage costs of job displacement. We use quasi-exogenous variation in the timing of job loss due to mass layoffs spanning over an institutional reform that restricted single-employer bargaining, the Belgian Wage Norm in 1996. We find that average earnings losses over a ten-year period after displacement are 10 percentage points larger under flexible pay.Workers displaced from jobs with higher employer-specific wage premiums-service sector and white-collar-benefit the most from restricted single-employer bargaining as their earnings fully converge to non-displaced workers' earnings within three years. We show that the differences in earnings losses across wage-setting systems are not driven by fluctuations in the business cycle. Finally, the wage-setting reform had similar effects on female workers, though it did not narrow the gender gap in pre-layoff wages. Our results suggest that reduced pay flexibility may help displaced workers catch up faster to non-displaced workers' pay premium ladder conditional on re-employment.

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330 Wirtschaft

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job displacement, wage flexibility, bargaining

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ISO 690FERNANDEZ GUERRICO, Sofia, Ilan TOJEROW, 2022. Flexible Wages and the Costs of Job Displacement
BibTex
@techreport{FernandezGuerrico2022Flexi-68673,
  year={2022},
  doi={10.2139/ssrn.4114448},
  series={IZA Discussion Paper},
  title={Flexible Wages and the Costs of Job Displacement},
  number={No. 14942},
  author={Fernandez Guerrico, Sofia and Tojerow, Ilan}
}
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