The Belgium Retiree Boom


 
The workforce of Belgium has been contracting over recent years, like in many EU countries, due to its fertility rate being sub-replacement for multiple decades [subscriber only: The EU Faces Serious Depopulation, Starting Now]. As retirees live increasingly longer, and there are fewer working-age taxpayers to support them, a generational tax burden is emerging.

Number of Workers to each Dependent (65+) in Belgium
The working-age population represents those aged 15 to 64. Period: 1950-2050.
The Belgium Retiree Boom




In 1950, each retiree was supported by more than 6 Belgium workers, but, by 2050, it is estimated there will be only 2 supporting. This demographic trend becomes more alarming when factoring in the higher cost to the Government – in terms of pensions, and medical and care costs – of those aged 65+ when compared to any other age group [subscriber only: ‘The Alarming Cost of Aging Demographics’]. In 2023, nearly half of the Belgium’s expenditure on social protection went towards the category of ‘old age and survivors’ – mainly constituted by expensive pensions. This is leading to an unsustainable generational tax burden.

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