Marginal e⁄ects and standard errors associated with the probit regression results for women aged 50-64 are shown in Tables 4.11 and 4.12. Predicted probabilities that a woman works for pay are given in the bottom line of both tables.9 Similar to the mens results, many age dummies have a signicant negative impact on participation. However, these e⁄ects start earlier: in Belgium and Spain, women who are 54 years old are about 20 percentage point less likely to work compared to a 50 years old woman. In Germany and the Netherlands, age comes into play as soon as a woman reaches the age of 60 (as was also the case for German and Dutch men). Contrary to the estimation results for men, there are no countries that are characterized by absence of any age e⁄ects. As above, many health indicators have their own signicant impact on womens par- ticipation decisions. However, there is quite an important variation between countries. While not any single health variable has a signicant impact on the probability of work- ing for pay in Austria, in countries like the Netherlands and Sweden, four out of the ve health indicators have an own signicant e⁄ect. These e⁄ects are in line with those obtained for men. To investigate the joint impact of health on participation, we also conducted a Wald test associated with the null hypothesis that there is no joint impact of all the health related variables. Results for women are provided in the last column of Table 4.10. As the results indicate, only in Austria and Greece, the null hypothesis of no joint impact cannot be rejected at any reasonable signicance level. The impact of education is both economically and statistically signicant for all countries: higher education implies a, ceteris paribus, higher probability of working for pay.10 The lowest education impact is observed in Sweden, where highly educated women are 11 percentage point more likely to participate than low educated women, all else equal. In Italy, highly educated women have a probability of participation that is even 47 percentage point higher than otherwise similar low educated women. This seems to indicate that education plays a bigger role in the participation decision for women than for men. Other striking di⁄erences can be observed for the regressors that are related to a households demographic composition. All else equal, in many countries women have a lower probability to participate if they live in a couple (up to about 20 percentage