"We analyze the impact of subsidized training programs for older workers. We apply a dynamic matching approach using German registry data. We find that subsidized training improves the probability to remain in paid employment by approximately 2.5 percentage points in the 2 years following treatment. The impact on benefit claims is small and largely insignificant. Effects are more pronounced for part-time workers, for long-duration program participants, and for workers older than 55 years. The results suggest that the main driver of these outcomes is postponed retirement, potentially because of improved job satisfaction."

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