Increasing cost of aging population

15 June 2005

BRUSSELS — The total cost of the aging population will amount to 27.3 percent of national income in 2030 or 3.6 percent more than the current cost.

The figures were compiled by a government-appointed commission, SCvV, assigned the task of studying the effects of the aging population.

Since the Silver Fund was set up in 2001 to cover the costs of the aging population, the SCvV has been instructed to report back to the government every year.

The phenomenon of the aging population is expected to peak in 2030, newspaper ‘De Standaard’ reported on Wednesday.

SCvV said last year the costs of the aging population will be 3.4 percent higher in 2030, adjusting that figure to 3.6 percent on Wednesday. The adjustment was due to different measurement techniques.

Despite the latest small rise in the expected extra costs, the predicted costs have risen significantly since the commission’s first report in 2002.

The expected extra cost of the aging population is estimated at EUR 10 billion in 2030 due to an increased number of pensions and greater demand on the healthcare system.

Subject: Belgian news