Table 2 Estimation results two-limit tobit models with random effects: probabilities of negative changes in future generosity of state and occupational pensions

−0.966

−4.642***

−1.819

−4.222***

(−0.832)

(−4.541)

(−1.608)

(−4.250)

2.086**

2.766***

1.159

1.446

(1.967)

(2.912)

(1.127)

(1.574)

0.911***

0.660***

0.272

0.084

(4.195)

(3.409)

(1.286)

(0.447)

−1.281***

−0.830***

−0.682***

−0.312*

(−6.217)

(−4.517)

(−3.405)

(−1.752)

1.094

−0.170

0.116

−1.067*

(1.628)

(−0.280)

(0.178)

(−1.821)

6.320

−1.700

−0.570

−6.597*

(1.390)

(−0.412)

(−0.129)

(−1.659)

8.155

6.562

2.455

−0.235

(1.514)

(1.343)

(0.470)

(−0.050)

6.026***

1.812*

4.221***

0.657

(4.850)

(1.649)

(3.494)

(0.616)

10.908***

3.910***

6.687***

1.133

(8.601)

(3.498)

(5.422)

(1.044)

0.302

2.386

−0.759

0.587

(0.176)

(1.559)

(−0.456)

(0.395)

1.421

−1.255

0.238

−1.364

(1.141)

(−1.116)

(0.197)

(−1.254)

−0.336

−0.387

−1.192

0.739

(−0.182)

(−0.232)

(−0.662)

(0.457)

0.256

−1.907

−0.714

−3.495**

(0.163)

(−1.349)

(−0.468)

(−2.559)

1.811

0.734

1.195

1.317

(0.969)

(0.435)

(0.666)

(0.814)

1.533

0.183

2.089**

0.702

(1.451)

(0.194)

(2.041)

(0.772)

1.138

−0.877

0.963

−0.788

(1.100)

(−0.950)

(0.960)

(−0.881)

−0.135

2.783***

−0.705**

1.718***

(−0.401)

(8.940)

(−2.164)

(5.747)

29.424***

35.836***

48.754***

50.083***

(4.104)

(5.573)

(6.990)

(8.045)

3,806

3,801

3,807

3,805

3,6499

36,328

36,621

36,593

0.463

0.424

0.467

0.432

27.567

23.843

26.943

23.297

29.696

27.793

28.795

26.738