Cost of old age: where the Republic stands

Public spending on pensions as a percentage of gross domestic product (GDP) in Ireland is projected to increase from 4

Public spending on pensions as a percentage of gross domestic product (GDP) in Ireland is projected to increase from 4.7 per cent in 2004 - the lowest in the EU - to 11.1 per cent in 2050, still relatively low by EU standards.

Public spending on healthcare will increase from 5.3 per cent of GDP in 2004 to 7.3 per cent in 2050.

The highest spender on healthcare in the EU by 2050 will be France, at 9.5 per cent of GDP.

Public spending in Ireland on long-term care will rise from 0.6 per cent of GDP in 2004 to 1.2 per cent in 2050, with Sweden spending the most on long-term care by 2050, with 5.5 per cent of GDP.

READ MORE

Savings made on a reduction in unemployment benefit are projected to go from 0.7 per cent of GDP in 2004 to 0.5 per cent of GDP in 2050. Savings will also be made on education spending, with a reduction from 4.1 per cent of GDP in 2004 to 3.1 per cent of GDP in 2050.

Irish fertility rates are expected to decline from 1.97 in 2004 to 1.81 in 2020 and to 1.8 in 2050. Ireland, which currently has the highest fertility rate in the EU, will see the biggest drop in fertility by 2050 with a reduction of 0.17 per cent.

Life expectancy for Irish women is to rise from 80.7 years in 2004 to 83.6 in 2020 and 86.8 in 2050. Irish mens' life expectancy is projected to rise from 75.5 years in 2004 to 78.7 in 2020 and 82.2 in 2050.

Ireland's population is expected to rise by 36 per cent from 4 million in 2004 to 5.5 million in 2050. This includes an increase in the working population (15-65 years) of 16 per cent and an increase in the elderly population 65 years and over of 12 per cent.