Aging population in the UK

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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.

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