Another option would be to set up a separate national pensions fund, similar to the one established in 2001 but raided during the financial crisis to help pay for bank bailouts, they added.
More than €10 billion of the €22.6 billion of Irish corporate taxes collected last year are estimated to have been windfall, or transitory, receipts — turning what would otherwise have been a €5 billion budget deficit into a surplus. “While we have acted to deal with this immediate challenge, there are future costs which we must be prepared for including the consequences of an ageing population, the digital transition and climate change,” he said.Listen |There are five tax-contributing workers for every one person over 65, but in 20 years this ratio will drop to three to one, according to a Department of Health report published in December.
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