State’s elderly population set to increase significantly

The State’s pension problems may be due to get worse, with new figures showing that the Republic’s elderly population is set to increase dramatically over the next 45 years.

The European Commission’s 2015 Ageing Report, published today, shows the national population is expected to rise to 5.3 million by 2060, with average life expectancy increasing from 79 to 85 for men and from 83 to 89 for women.

The elderly population, currently classified as those aged 80 and over, will rise from its current population share of 2.9 per cent to as high as 10.2 per cent over the same period.

Public spending demands will rise accordingly in the areas of healthcare and pension payments, the report says.

Unemployment benefits

Spending on unemployment benefits, however, will most likely decrease due to a decline in the younger population.

The report says that those aged up to 14 years will fall in proportional terms from 21.9 per cent to 18.5 per cent of the population, with unemployment rates in the 20 to 64 age bracket expected to decrease from 12.8 per cent in 2013 to 6.5 per cent in 2060.

In broader terms, the EU population is projected to increase by almost 5 per cent, rising from 507 million in 2013 to as high as 526 million by 2050.

A decline in population to about 523 million is then forecast over the following decade, although that figure may be altered by variations due to immigration.

According to these projections, the UK would become the most populous country in the EU by 2060, with about 80 million people, followed by France (76 million), Germany (71 million), Italy (66 million) and Spain (46 million).