Rapid increase in public spending on the elderly
Government spending on the elderly is increasing significantly faster than other public expenditures, reports Statistics Faroe Islands.
Spending on the elderly increased by more than half in the past six years, compared to a 40-percent overall increase in public spending in the same period.
Public spending in the elderly category primarily covers pensions, elderly care and housing for the elderly.
In 2015, a large proportion of ‘old age’ expenditures was transferred as part of a sectoral shift for this category from the ‘general government’ to the ‘local government’ sector.
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