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What is the substitution effect of a wage increase? What is the income effect of a wage increase? Under what conditions will a worker's labour supply curve become downward sloping?
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Pension Plans
Financial programs established by employers to provide retirement income for employees, where benefits are determined by factors such as salary history and duration of employment.
Turnover Rates
The percentage of employees leaving a company over a specific period, indicative of workforce stability.
Defined Contribution Plans
Retirement savings plans where the amount contributed to the plan is defined, but the future benefit can vary based on investment performance.
Retirement Income Risk
The risk of having insufficient funds to cover expenses in retirement, considering various factors like longevity, inflation, and healthcare costs.
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