A new report from the Department of Finance warns of a significant increase in pension, healthcare, and long-term care costs in Ireland due to an aging population. Projections show the number of people aged 65 will exceed one million by 2030 and could reach between 1.88 million and 1.94 million by 2057. This demographic shift will put a strain on public finances, potentially leading to an additional €16 billion in annual expenditure by 2022 prices.
Pensions, healthcare and long-term care costs expected to rise sharply, says Department of Finance report
Ireland today has a relatively favourable demographic profile. The median age of 39 is the second youngest in the EU and the country has the highest share of the population aged 19 years or under and the second lowest share of the population aged 65 and over. The Department of Finance said an ageing population would also dampen economic growth as the labour supply expanded at a slower pace and growth in output would be increasingly dependent on productivity gains.
Aging Population Healthcare Costs Pension Costs Ireland Public Finances
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