Budget 2024 Highlights

Budget 2024 Highlights

Social Welfare:

• Introduction of a pay-related benefit scheme that provides more support to those who earned higher wages while employed and subsequently lost their jobs.
• A €12 increase in core social welfare benefits.

Justice:

• Increase in the Gardaí training allowance from €185 per week to €315 per week, effective immediately. The first payment date is January 1, 2024, with backdated amounts, potentially totaling €1,440 for those in training currently.

Business:

• Minimum wage raised from €11.30 per hour to €12.70 per hour, an increase of €1.40 per hour.
• One-off energy grant for businesses.

Education:

• Continuation of free school books for primary school students.
• Introduction of free school books for secondary school pupils starting in September 2024, with 1st, 2nd, and 3rd-year students receiving books free of charge.
• Student grants increasing by €300.
• Postgraduate students eligible for grants of up to €2,300.
• Reduction of undergraduate fees to €1,500 for families with an income of up to €100,000, while other families will see fees reduced by €1,000.

Housing:

• Rent tax credit increasing from €500 per year to €750 per year.
• Tax incentives for landlords staying in the rental market, possibly providing up to 20% in tax relief.
• Mortgage interest relief benefiting 160,000 households with a value of €1,250.

Childcare:

• Anticipated 25% reduction in childcare costs, with specific details to be revealed in early 2024.

Tobacco:

• Introduction of a new tax on vape products.
• An increase of 50 cents in cigarette prices.

Tax:

• Reduction in the lowest rate of Universal Social Charge (USC).
• Increase in the entry point at which the higher rate of tax applies to €42,000.
• Slight increase in PRSI.

Stay tuned for further Budget 2024 updates by following What’s Going On Ireland on TikTok and visiting whatsgoingonireland.ie throughout the day.

Budget 2024 Highlights – what we know so far