Magazine article European Social Policy

Ageing : Ageing to Cost Eu Extra 4.75% by 2060

Magazine article European Social Policy

Ageing : Ageing to Cost Eu Extra 4.75% by 2060

Article excerpt

A report released by the European Commission, on 29 April, has found that member states will be paying an extra 4.75% of GDP in 2060 to deal with the effects of an older population.

From 2015, deaths will outnumber births in the EU, and by 2060, the over-65 age group will make up 30% of the total population, which will remain at around 500 million (today, over-65s number around 17%). The very old' population (over 80s) will treble, to 12%.

The EU's problems will be compounded by a shrinking work force, which Commission experts say will lead to lower growth rates - the only way to maintain GDP levels being to increase the productivity of the existing workforce.

The EU currently spends around 23% of its GDP on ageing - that is, on pensions, health care, long-term care, education and unemployment benefits. Pensions are to see the largest rise from now until 2060 if there are no policy changes, increasing by 2. …

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