This year’s budget will increase social welfare payments and cut childcare fees.
Around lunchtime, Minister for Finance Michael McGrath and Minister for Public Expenditure Paschal Donohoe will set out the exact details to Dáil Éireann.
It is expected there will be a €12 across-the-board increase to social welfare and pension payments.
For struggling homeowners, there will be a temporary mortgage relief of up to €1,250 euro.
The entry point to the 2.5% rate of USC will be increased, while the 4.5% rate will be reduced to 4 percent.
Against expectations, Minister Roderic O’Gorman secured a 25% reduction in childcare fees - something which yesterday was thought to be unlikely.
Continuing to work on #Budget2024 this weekend. I’m so grateful for the fantastic team of public servants I have supporting me in my work. It wouldn’t be possible without them. pic.twitter.com/BMx0xtDSXk
— Michael McGrath (@mmcgrathtd) October 7, 2023
There will be a double payment of child benefit in December - but the rate of €140 will remain as is.
The free school book scheme will be extended to first, second and third year students in post-primary schools.
In addition, the half-price young adult transport ticket has been extended to include 24 and 25 year olds.
Families earning less than €100,000 a year will see college fees halved to €1,500.
In justice, an additional 800 to 1000 new Gardaí will be trained in Templemore, while there will be a Garda Reserve recruitment campaign for the first time since 2017.
Due to surging corporation tax receipts, Ministers have previously indicated their intention to set up a new State Wealth Fund as well.
Main image: Paschal Donohoe and Michael McGrath. Picture by: Alamy.com
