Energy credits, childcare costs, social welfare payments, minimum wage, tax rates and PRSI are all changes on the cards
There are a number of reasons to anticipate a giveaway budget, Buzz.ie reports.
The budget will total a €6.4 billion package. Of that, €5.2 billion will be given to additional public spending while taxation measures will total €1.1 billion.Energy credits Two bits of legislation were made this year to claw back some of the huge profits made by energy companies since the war in Ukraine - one for fossil fuel based energy and one for renewables.Fine Gael's Simon Harris characterised the €200 energy credits given to every household last year were "very effective".
Social Welfare payments Minister for Social Protection, Heather Humphreys hinted that one-off social welfare payments "worked very well last year".The minister attended the pre-budget forum on Wednesday in which many charities and NGOs argued for what they'd like to see appear in the budget in October.Charities have been calling for Child Benefit to be increased by €50.The minimum wage will be increased in Budget 2024 however the exact increase is not yet known.
Income tax bands were increased in last year's budget meaning that workers this year weren't taxed at the higher rate until their earnings reach €40,000 per year.PRSI The Tax Strategy Group report also said that PRSI rates for employers and the self-employed should be increased.
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