Here is everything we know so far about what we can expect from tax cuts to welfare increases and once-off bonus payments.
On Tuesday the 1st of October new finance minister Jack Chambers will deliver his first budget, Budget 2025.
While nothing is confirmed about the package, the shape of the budget is now emerging and we have a pretty good idea about what is going to be included in the €10 billion package that may come just weeks before a general election. Tax In the last budget, the level at which workers pay the higher income tax rate was increased by €2,000 to €42,000, tax credits were increased by €100 and the 4.5% Universal Social Charge was cut to 4%. It is expected that the government will take a similar approach this year, increasing the standard rate band again, boosting tax credits and reducing the USC.
Welfare Minister for Social Protection Heather Humphreys has already said she would like to see welfare increases targeted at those who need them most — pensioners, carers and the disabled. A general €12 increase in welfare payments is being considered, according to reports. Cost of living measures This year, households can once again expect energy credits but it's expected that it will not be rolled out through a series of payments, but rather a lump sum before Christmas. There will also be “a mix” of lump sum payments for fuel allowance, disability grant and Working Family Payment and a possible double payment of the child benefit. Ministers are also reportedly pushing for another welfare Christmas bonus.
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