Ireland. Pension bill will rise €7m a year by end of the decade
The government will be paying €7 billion a year more on pensions and healthcare for retired people by the end of the decade, the Department of Finance has warned, as it included Ireland’s ageing demographic on a list of risks to the economy released last week.
John McCarthy, the department’s chief economist, said spending on older people would rise steadily over the coming years, while the cost of borrowing was also likely to rise and the economy would be vulnerable to an escalation of the war in Ukraine, an upsurge in Covid and instability in the Chinese economy.
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