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Governments
across the world must wake up to the cost of longevity argues UK
think tank
GOVERNMENTS must do more to
reduce the long term cost of ageing to the public purse argues a new
policy report from the International Longevity Centre – UK (ILC-UK).
"The cost of our ageing society", sponsored by Milliman,
highlights the projected financial impact of the cost of the world's
ageing population.
In the report, ILC-UK calls on governments across the world to
consider linking eligibility ages of state pension to life
expectancy and do more to ensure that the labour market is
accessible to older people. ILC-UK also argues that governments need
to ensure pension systems are sustainable, allow for greater
risk-sharing, and are less vulnerable to longevity risk. It also
urges Governments across the world to consider how to create better
conditions for health care innovation and development.
ILC-UK believes that governments need to prepare for uncertainty
noting that "Policy makers today are being asked to prepare
for a future about which there is a serious degree of uncertainty
and therefore sustainable policies will be the ones which can adapt
to unexpected changes." It argues therefore that addressing
the needs of ageing populations will require ongoing investment in
research and data collection.
ILC-UK argues, however, that policy interventions must recognise the
contribution that older people make to society and the economy. ILC-UK
also points out that individual countries will need to ensure there
are safety nets for those who cannot work longer.
"The cost of our ageing society" draws heavily on the
European Commission's 2012 Ageing Report and the Office for Budget
Responsibility's Fiscal Sustainability Report, July 2012. ILC-UK
summarises the latest projections on longevity and the cost of
ageing across the world.
In the UK:- age-related spending
is projected to rise from an annual cost of 21.3% to 26.3% of GDP
between 2016/17 and 2061/62, a rise of 5% of GDP (equivalent to a
rise of around £79bn in today's money).
In the
EU:- age-related spending is projected to rise from an
annual cost of 25% to 29.1% of GDP between 2010 and 2060, a rise of
4.1% of GDP. However, a scenario which assumes greater resources
devoted to development within health care projects that age-related
spending in the EU could rise to as much as 29.8% of GDP, annually,
by 2060.
In the
UK:- spending on public pensions (state pension, benefits
and public service pensions) is projected to rise from an annual
cost of 8.9% to 10.8% of GDP between 2016/17 and 2061/62, a rise of
1.9% of GDP (equivalent to a rise of around £33bn in today's money).
spending on health care is
projected to see the largest rise of all elements of age-related
spending, rising from an annual cost of 6.8% to 9.1% of GDP between
2016/17 and 2061/62, a rise of 2.3% of GDP (equivalent to a rise of
around £36bn in today's money). The rise in projected spending on
health care in the UK mirrors the increase in the ageing population.
However, scenarios in which there were higher than expected levels
of mortality, morbidity and health care development could see much
greater increases in expenditure on health care.
spending on long term care is
projected to rise between 2016/17 and 2061/62 by 0.9%, from an
annual cost of 1.1% to 2% of GDP, a rise of 0.9% of GDP (equivalent
to a rise of around £14bn in today's money).
Baroness Sally Greengross, Chief
Executive of ILC-UK said:- "Our ageing society will have
significant impact on state spending on pensions, health care,
long-term care and unemployment benefits. Across the world, people
will need to continue to work longer as a result. In the UK and
across the world we will also have to innovate in health and deliver
a sustainable funding settlement for social care."
Emma McWilliam, Editor Longevity Risk and Consulting Actuary
Milliman said:- "Intergenerational collaboration is key,
especially given high rates of youth unemployment. If those at
working age are not employed, simple old age dependency ratios do
not show the complete picture to Governments on how best to deal
with the challenge ahead. Additional measures such as Labour Market
Adjusted Ratios, as set out by the European Policy Centre, that
effectively encourage policies around employment are definitely a
step in the right direction to build public policy that reflects the
current demographics and needs of all generations in our future
society."
David Sinclair, Assistant Director, Policy and Communications at ILC-UK
added:- "Governments across the world must not ignore the
future costs of our ageing society. These costs won't just go away.
Drifting along is not an option and does not benefit future older or
younger people. Policymakers must urgently look to solutions to the
long term challenge of mitigating the increased cost of an ageing
society."
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Liverpool's
great and good join the fundraising festivities at the Royal's
Christmas Carol Concert
THE great and the good of
the city helped to raise festive cheer and around £4,000 for the new
Royal appeal, as the Royal Liverpool University Hospital hosted its
Christmas Carol Concert.
The concert was held in the iconic St. George's Hall and staff and
members of the public sang along to Christmas favourites, alongside
Deputy Lord Mayor Councillor Gary Millar, Royal College of Nursing
President Andrea Spyropoulos and Hollyoaks star Ashley Dawson.
The carols were led by the Liverpool Community Choir as well as
pupils from Booker Avenue Junior School and the Trust's very own
hospital choir.
The sell-out night was held to
raise money for 'R' new Royal appeal to help provide the very best
facilities at the new Royal Liverpool University Hospital, which is
expected to start construction next year.
Aidan Kehoe, chief executive attended the concert and said:-
"We are delighted with the response to such an amazing evening and
we would like to thank everyone who attended and helped contribute
to what will be a fantastic development for the city with the new
Royal and BioCampus. We hope the night was 'music to the ears' of
everybody. We would like to give a big thanks to Brown Turner Ross
Solicitors who kindly sponsored the event, as well as all our
supporters and would like to wish everybody a very Merry Christmas."
David Bushell, Managing Director of Brown Turner Ross said:-
"What better way to start the festive season? BTR is delighted to do
our bit to support such a worthwhile cause, making a difference to
the future health of our City Region."
Also in at the event was Royal College of Nursing President Andrea
Spyropoulos who spoke about her 1st Christmas on the wards in
Liverpool as a trainee nurse and how proud she was of the Royal and
its role in the local community.
The event was also supported by Joe Anderson, Mayor of Liverpool and
Liverpool City Council, as well as Spindles Health and Leisure, The
Olive Press and ISS.
The Royal is
taking to Twitter to highlight the work of A&E staff
THE Royal Liverpool
University Hospital will be providing a fascinating insight into the
work carried out by staff at its Accident and Emergency Department
in caring for the wide range of patients it sees during the day.
On Monday, 10 December 2012, the Trust took to social media site
'Twitter' to outline some of the cases our staff are treating
and the roles of the specialist teams in major trauma, stroke care
and orthopaedics in caring for patients.
This is the first time a hospital in Merseyside has taken to Twitter
to highlight the work of its A&E teams. This 'Tweetathon' is
part of a week long campaign across the north of England to raise
awareness of the work carried out in A&E units, walk in centres, GP
surgeries and by ambulance teams, to care for people during the busy
winter period. The campaign aims to highlight to people how each
different service should be used for different situations.
Pauline Loftus, emergency department matron said:- "We hope
that by taking part in this Tweetathon, people will get a better
idea about what emergency services are there for and what they are
not there for. It will be a 'day in the life'
summarising some of the cases we see and how we care for patients,
or where other services such as their GP, walk in centre or a
pharmacy may be better placed to care for them. nn We won't be 'tweeting'
any names or other patient details and will only tweet if a patient
is happy for us to do so. People attending our A&E can rest assured
we will keep their information confidential."
The Royal will be tweeting live throughout the day from 9am to 5pm.
To follow us on Twitter go to @RoyalLpoolHosps or #tweetwell. |
