Dublin: Will immigrants own Ireland in thirty years? The government-appointed Pension Commission has warned that it is very likely.
According to the commission, the country will require four million immigrants over the next 30 years to maintain the financial “health” of the pension system.
Ireland now has a population of 5 million people. The second generation of immigrants in Ireland includes a sizable number of people under the age of 24. Around 1.9 million people are over the age of 45.
According to the Commission, the number of elderly people is rapidly increasing. In this context, finding money for a pension will be difficult for those over the age of 65. A Central Statistics Office statistician, James Hegarty, said this is because the gap between working people and pensioners is widening.
He said there are currently five working-age people for every person over 65. This ratio will fall to 2.3 by 2051. To keep it at five, he told the commission, an additional 4 million migrants would be required in 2051.
According to the Commission, an additional 4 million migrants by 2051 will create significant challenges in terms of housing, transport, and employment. Pensions currently require €850 million per year. The Irish Financial Advisory Council says that by 2025, spending on long-term care and the like will outstrip income.
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