Plan now, or suffer later: Why mandatory pensions are essential

Demographic developments pose one of the most immense challenges facing the Irish economy and policymakers.

The fact is that Ireland’s population will grow and will age significantly over the coming years and the country must up the ante in terms of preparing for this immense challenge.

If it doesn’t we will be faced with a significant cohort of the population retiring without adequate post-retirement income, plunging them into income poverty, with consequent very negative implications for consumer spending and overall economic activity.

As well as the impact of this group called the ‘retiring poor’ on economic activity, the State will be increasingly relied upon to fill the income gap either through the social welfare pension or other types of social welfare intervention.

Sign in or register for FREE to continue enjoying and to comment on our great range of opinion writers

Not a member yet? Register here

More on this topic

More than 14,000 data breach reports received by UK watchdog

Hamilton holds on to secure poignant Monaco Grand Prix victory

Roger Federer cruises past Lorenzo Sonego on his return to Roland Garros

Brian McFadden says Donald Trump is ‘exactly what Britain needs’

More in this Section

IMI launch new IDA-backed leadership course for managers of FDI giants in Ireland

Profits surge at firms of Irish rugby players as pub firm prospers

Investors weigh prospects for Irish shares under probable new hard-Brexiteer British prime minister

Cork to be 'most walkable city' in transport plan

More by this author

Basically, buyers can't afford homes based on how much money they can borrow

Trump's global trade bust-up is really all about politics

Ensuring value for taxpayers money should be priority

Keeping a grip on spending even as global economic signs brighten


Lifestyle

So is this the garden of the future? Eve Kelliher visits Les Jardins d'Etretat in France

More From The Irish Examiner