There is some evidence that this difference is smaller for job losers in households with liquidity constraints and larger for job losers who become self-employed (as opposed to informal salaried). This suggests that some formal-sector job losers tend to wait before returning to formal work until their benefits expire. However, the spike is not statistically significant for any of the groups. The hazard ratios are estimated using a complementary log-log model with group-specific baseline hazards that controls for random effects.