Ageing will be costly for Slovakia, experts call for timely reforms

Expenses for pensions, health fees and caretakers will rise at one of the fastest rates in the EU.

Latest demographic statistics show Slovak population is ageing.Latest demographic statistics show Slovak population is ageing. (Source: Sme – Pavol Funtal )

Slovakia is expected to have the largest ageing-related expenses in the entire EU by 2070, analysts from the Institute of Financial Policy concluded based on current information from the European Commission on ageing populations.

“Expenses for pensions, health care, caretaking and schooling will rise from 18.3 percent of the gross GDP in 2019 to 29.1 percent of the GDP in 2070,” the analysts stated, as quoted by the TASR newswire. A wave of new reforms will inevitably be needed for public finances to shoulder the costs.

Pension expenses will rise the most

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