Aging population in the UK
- Created by: daisyking99
- Created on: 30-05-15 09:23
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- Aging population in the UK
- Facts
- In the UK there are more dependents over 60 than under 16 which means there is a shortage of workers.
- It is predicted that for 1 child there will be 4 people over 80.
- Strategies
- Increasing the retirement age
- Immigration for working,tax paying young immigrants
- Increasing the amount people do contribute and pay
- Encouraging workplace pensions and private pensions instead of relying on state pensions
- Encouraging people to go back to work after having children so they pay more tax. They can do this by increasing working tax credits and child care vouchers.
- Raising taxes to pay for the increase in demand of health and social care services.
- Pros
- When older retired people take part in recreation and travel they create jobs.
- Some of the older generation do part time paid work and therefore still pay taxes.
- Younger retired people (age 60-70) help a lot and contribute to economy and may also do voluntary work.
- Cons
- There is pressure on the health services because the older generation require more help.
- Increased demand in the need for social care such as retirement homes and social workers.
- More policies need to be put in place for the elderly and so less is available for the younger generation.
- There will be a shortage of workers and so those who do work will have to pay more tax.
- Tax has to increase to pay for the services needed for the elderly.
- The pension money will dramatically increase as more people need the money, therefore the amount of money given to the pensioners will decrease and could lead to pension poverty.
- Facts
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