As Budget 2024 looms on the horizon, Irish politicians are unveiling key aspects of the upcoming financial plan. With a total package valued at €6.4 billion, it’s set to include €1.15 billion in tax cuts, signaling potential relief for many citizens. While specific details are yet to be confirmed, here are some of the proposals under consideration:
Social Welfare: Minister for Social Protection, Heather Humphreys, has hinted at an increase in social welfare payments “across the board.” However, the exact adjustments remain to be determined as preparations for the budget continue.
Energy Credits and Fuel Allowance: Taoiseach has indicated that one-off payments will be included in the budget, albeit not on the scale of previous years. Changes to the Fuel Allowance are being explored, including the introduction of a half-rate Fuel Allowance for those slightly above certain income thresholds, an extension of the payment period from 28 to 32 weeks, and adjustments in line with home energy inflation.
Pension: An increase in the weekly pension is promised, though the exact amount is still under discussion.
Minimum Wage: There is optimism that the minimum wage will see a substantial increase from €11.30 to €12.70 per hour, providing relief for low-income workers.
Universal Social Charge (USC): Minister for Public Expenditure, Paschal Donohoe, has not ruled out USC cuts, emphasizing the importance of relieving tax burdens on workers amid rising inflation.
With just under a month until the budget is unveiled, these proposals offer a glimpse into the government’s strategies to address key economic and welfare concerns in the year ahead. Citizens eagerly await the final decisions that will shape their financial landscape for 2024.