Free school books, double child benefit payments and a 25 per cent cut to childcare fees means parents will be the big winners in Budget 2024.
A pensioner couple will be nearly €1,250 better off a year as Social Protection Minister Heather Humphreys secured a €12 increase to all social welfare increases, while average workers will have around €800 extra in their pockets due to changes to tax bands, USC rates and personal tax credits.
Third-level student fees will be cut by up to €1,500, the Irish Mirror understands.
Following a meeting late into Monday morning, the leaders and the money ministers met again in the afternoon to discuss further measures with the final budget package signed off late last night.
Parents are set to be the big winners of this year's budget as childcare fees are set to be slashed by 25 per cent following a hard-fought battle from Children’s Minister Roderic O’Gorman.
This year’s cut to childcare fees follows last year’s 25 per cent cut, which took nearly €2,000 off average yearly bills. It brings the total childcare cuts to 50 per cent over the last two budgets.
Further details on the childcare package were being negotiated last night, with sources saying the latest cuts will be introduced later next year. Parents will also receive a double child benefit payment per child this winter.
Social welfare payments will increase by €12 across the board, with Minister Humphreys also expected to announce double weekly payments for child benefit, pensioners and social welfare recipients this Christmas.
Some three energy credits, worth €150 each, are also set to be announced, one in time for Christmas and two more out to the end of Spring.
The free book programme, meanwhile, will be extended to 770,000 Junior Cycle students.
Senior Government sources told the Irish Mirror that many people will be €1,000 better off following today’s announcement when tax, mortgage and rent measures are taken into account.
The total personal taxation package to be unveiled by Finance Minister Michael McGrath is expected to amount to around €550m.
This will include a change to the entry point at which people pay the 40 per cent tax rate, up from €40,000 to €42,000. This will put €400 back in people’s pockets.
The entry point for the Universal Social Charge (USC) will increase to €13,012 for the initial 2 per cent rate.
The middle USC rate of 4.5 per cent will drop to 4 per cent.
For someone earning the average wage of €47,308, changes to USC could result in savings of just under €200.
The personal and employee tax credits will be increased by €100 each.
The average worker will be just under €800 better off per year when all of the tax changes are combined.
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