addition, there will be a
further eight million aged
60 and 70.
the first time, there are now
more
over-60-year-olds than under-16s
this country.
The consequences
this seismic shift
demographics will be profound.
the 1950s an employee lived,
average, only three or four
years
retiring
65. Today he or she will
survive
decades, a trend
that is now
producing major shortfalls
company pension funds
the West, as the US Centre
Strategic
land International
Studies recently warned. 'Countries will have to race
time to ensure their economic
and
social fabric
the shock
global ageing,' it stated.
It was a message repeated
the World Economic Forum
Davos last week. The world -
both developed and
developing - is facing an ageing bombshell,
delegates were warned, and many nations are singularly
ill-prepared. As Peter Heller,
the International Monetary
Fund, pointed out, pensions
Britain were now woefully
inadequate
the
coming years.
Heller's warning was echoed
home
Tory politician Grahame
Leon-Smith and Labour stalwart Terry Pattison when
they
launched the Senior Citizen Party, which has pledged to fight
better pensions
elderly people.
But if the elderly feel hard done, so do the young. A hundred
years
,
every pensioner there were five
people
employment. Today the figure is
2.5.
a few decades it will approach
one. Each worker will have to support
themselves and another -
old - person.
having a pyramid
support
a myriad workers
its base, each pensioner will
rest
one straining individual, a
lonely column
dependency. Already problems
are
materialising.
Middle-aged couples - already stuck
the spiralling costs
children - are having to pay
more
their
parents' care as they
live longer and their pensions and savings fall short.
'
the past three years, the fees
my mother's residential home
have risen
£1,200 a
month
£1,600,' said Anne Findlay,
Wimbledon, London. '
the same time her pension went
up
a pittance.
Some
that extra money now has to
come
us. That is money we would have
invested
our family's
future, but now it
has to be spent today. This is going to become a real problem.'
Such things put a strain
the best
families, as Jasper Carrott
observed, when comparing people's relations
ageing relatives and children:
'They're both
drugs, they both detest us, and
neither
them has a job.'
And things are only going to get worse, say experts. The
Government has made it clear it wants to fix state pension
spending
current levels, while
occupational pensions -
employers - will continue to
shrivel. Cash
our swelling
ranks
oldies is going to become very
scarce, although the bills will rise inexorably. The Royal
Commission
Long Term
Care estimates that
the costs
caring
old people will increase
its 1995 level
£11 billion
more than £45 billion
2051. The question is: who is
going to pay?
The answer, made
some
increasing vehemence
recent weeks, is simple:
immigration.
the
world's poorer nations,
where 60-year-olds are rare, age profiles contrast starkly
those
the West. While
the median age
Europeans is 37, that
Asians is 26 and
Africans a mere 18. These are
continents filled
young blood to spare, men and
women willing to leave their homelands to find a better life.
Just look
what this
process has done
America, argue analysts.
the boom years
the United States
the
1990s, more than 13.5
million people immigrated - most
them illegally -
the US,
most heading
California and Southern states.
these individuals - mostly
Asia, Mexico and South America
-
America's young labour force would have shrunk
20 per cent and its industrial
growth would have stalled, says Paul
Harrington,
Boston's
Northeastern
University. 'We would not have been able to fuel our economic
expansion
the absence
foreign
immigration,' he states. (...)