Irish Examiner View: Move toward resolution on pensions is paramount

The demographics of our population make the existing position financially unsustainable as those who are retired will surge mid-century

The ratio of active workers per pensioner in the population is due to fall from its existing 4.5:1 to reach 2:1 in 2050.

Political reality is at the forefront of the far-reaching decisions affecting Irish pensions signalled by Taoiseach Micheál Martin during his trip to Japan, a country which, incidentally, has raised its own retirement age to 70.

Mr Martin has decided that the pension age in the Republic will remain at 66. But the demographics of our population make the existing position financially unsustainable. The ratio of active workers per pensioner in the population is due to fall from its existing 4.5:1 to reach 2:1 in 2050. The social insurance fund had a shortfall of €2.3bn in 2020 but this will be €21bn by 2070. By 2041, State pension expenditure alone will equate to the entire social insurance fund receipts.