State faces pensions crisis as retirees set to double

THE ratio of retired people to workers will more than double over the next 50 years, leaving the State facing a dramatic 150% rise in the cost of pensions.

Ireland’s ageing population means there will be less than two working people to every pensioner by 2050. At present, there are five working people to a pensioner.

The projection was made yesterday by Minister for Finance Charlie McCreevy, who said pensions will begin to put an increasing strain on State funds over the next few decades.