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Teacher incentive pays are one attempt to improve overall teacher quality and teaching effectiveness. However, we still have limited knowledge on the effects of such programs. Numerous teacher incentive programs were suddenly discontinued due to the budget cut without investigation of the influence of the change. Given that most previously conducted studies have investigated only the effects of the program introduction, an investigation of effects from terminating such a program is necessary. I examined the effects of the teacher incentives from introduction to termination on students’ academic achievements.