Linking State Pension Age To Life Expectancy Could Significantly Reduce Cost Burden
Linking the state pension age to life expectancy could significantly reduce the cost burden.
That’s one of the findings of a report published by the Department of Finance.
Eamonn Torsney reports for RedFM News:
“The Population Ageing and Public Finances report says revenue increases will not be sufficient to fund all the expenditure pressures from an aging population.
It says there are currently around 4 people of working age to support each person over the age of 65.
The number is expected to fall to just over 2 by 2050.
Age related expenditure is set to be 17 billion euro higher in 2050, in today’s terms, than in 2019.
The report published by the Department of Finance suggests reforms such as linking the state pension age to life expectancy should be considered in order to reduce the cost burden.”