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Budget 2022: All You Need To K...

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Budget 2022: All You Need To Know About Today's Budget


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Budget 2022

Budget 2022 was earmarked as one that would help the country on its post-pandemic recovery.

Finance Minister Paschal Donohoe and Public Expenditure Minister Michael McGrath outlined the Government's respective actions on tax income as well as increased spending this afternoon.

It's a €4.7billion package in total - including €1billion in increased spending and €500m in tax cuts.

Here are some of the key new measures that were announced as part of the document:

Income:

  • A €4bn COVID contingency fund is being created
  • Employment Wage Subsidy Scheme extended in graduated rate until 30th April 2022
  • Employees will be able to claim back 30% of vouched expenses for heat, electricity and broadband for working from home
  • The minimum wage is rising by 30c to €10.50 an hour
  • Lower tax band of €35,300 will rise by €1500
  • Personal tax credit, employee tax credit and earned income credit increasing by €50
  • The ceiling for the second band of USC is rising to €21,295
  • The Help to Buy scheme will be retained for 2022 at current rates and reviewed next year.
  • Carbon tax will rise by €7.50 per tonne
  • This will lead to the cost of a full tank of petrol going up by €1.28 and diesel by €1.50
  • 50c increase on the cost of a packet of cigarettes - bringing total cost to €15.
  • No changes to excise duty on alcohol.

Spending: 

  • A €5 weekly increase for all social welfare recipients
  • The back to school allowance will go up by €10.
  • New funding stream for 4,700 childcare providers from September 2022
  • 78m extra for National Childcare Scheme - linked to no increases in costs for parents
  • Extension of free GP care to children aged 6 and 7
  • Pilot scheme to provide a basic income for artists
  • Live events sector to get €25m in support
  • Young adults aged 19 - 23 are to get a 50% reduction in public transport
  • €1.4bn to develop public transport including money for BusConnects, MetroLink and DART+
  • Women's health package of €31m, including free contraception for women aged 17-25 from next August
  • More funding for sexual assault treatment units
  • €37m for expansion of mental health services
  • 8,000 new jobs across health system
  • An extra 800 Gardai will be hired and 400 civilian staff
  • Hiring 980 teachers and 1,165 new Special Needs Assistants.
  • 3,320 additional CAO places as part of a €68m investment in higher education.
  • SUSI grants to increase by €200.
  • Income thresholds for families applying for SUSI grants to increase by €1000.
  • €200 student contribution fee for Post-Leaving Cert courses is to be abolished.
  • More funding for apprenticeships particularly in construction
  • Package on domestic and sexual violence including extension of legal aid for victims and funding awareness campaigns

Main image: Sasko Lazarov / RollingNews.ie


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