Michael Lowry (Tipperary North, Independent)

I have a relevant question for the Minister on our ageing population.

The Minister's own Department, the Department of Finance, published a report last week which created ripples of alarm. It predicted a population in the Republic of Ireland of between 6.5 million and 7.5 million by 2065. That depends on the level of migration. Such migration includes young people who left Ireland to study or work in recent decades but have plans to return home in the future. Ireland’s pension system currently depends on having up to four workers to fund each retired pensioner. The pension system will be blown away and replaced by what economists define as a financial black hole at the heart of our Exchequer. This report suggests the State’s old-age dependency ratio will increase from 23% in 2022 to 55% in 2065. Are the Minister and Government concerned about these predictions? What measures can be introduced to deal with what will become a very serious issue?

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