Budget Day 2024 is here, and this is what we know so far -
It looks like workers, students, social welfare recipients and pensioners are all to see more money in their pockets following today's announcements! So best tell your granny.
Universal Social Charge
There's going to be a 12 euro increase to social welfare payments across the board and there are to be some changes to the Universal Social Charge.
Universal Social Charge, or USC, is the tax you pay on your gross income. It's there to help fund public services.
There are different levels of USC depending on your earnings. In the budget, the second level of USC (which currently sits at 2 per cent) will go up to 2.5 per cent. The next level, for higher income earners, will see a decrease from 4.5 per cent to 4 per cent.
Good news for students! University student grants will be seeing a 500 euro hike.
Higher Education Minister Simon Harris has also announced he plans to reduce college fees to 1,500 euro a year.
The half-price young adult transport ticket has been extended to include 24 and 25 year olds.
A reduced rate of public transport fees for all other travelers will continue.
The price of a pack of cigarettes is going up 50c and a new tax will be put on vaping products.
But on a positive note - The minimum wage is going up to 12 euro 70 cents.
Changes For Households And Families
Energy credits will be back again this winter - they'll be worth 450 euro in total and form part of a cost of living package worth over 2.3 billion euro.
The Renters Tax Credit is to also increase to 750 euro. There's also a tax relief scheme for small landlords to stay in the market to be announced, in an effort to keep smaller landlords in the market.
The free book scheme is to be extended to the Junior Cycle of secondary. This means 1st, 2nd and 3rd year students will benefit.
Parents will see a further cut in childcare fees – as Minister Roderic O’Gorman secured the full 25 percent reduction which yesterday wasn’t looking likely.
There will also be a double payment of child benefit in December, but the rate of 140 euro will remain as is.
For More Budget Info Keep Your Ear Out For Spin News As The Day Continues.