photo: Alamy/PAThe amount of extra public spending needed due to Ireland’s ageing population will be the highest in the EU, according to new analysis by the Department of Finance. Total age-related expenditure will increase by 6 percentage points of national income over the next three decades, from 22pc of GNI in 2022 to 28pc by 2050. The department’s assessment is that, unless there are policy changes, age-related expenditure will increase by about €16bn a year. Healthcare currently accounts for the biggest share of age-related expenditure, but will eventually be overtaken by pensions. “Although a range of pensions and healthcare reforms have been implemented, these reforms will not be sufficient to offset the fiscal pressures associated with an ageing population,” the report says.

Source: Irish Independent June 29, 2024 04:38 UTC