This site uses cookies to improve your experience and to provide services and advertising. By continuing to browse, you agree to the use of cookies described in our Cookies Policy. You may change your settings at any time but this may impact on the functionality of the site. To learn more see our Cookies Policy.
OK
Dublin: 14 °C Friday 20 September, 2019
Advertisement

These are the Budget measures kicking in today

Social welfare and the minimum wage both went up.

Image: Shutterstock/Authentic Creations

Updated 10.15am 1 January 2016

USC CUTS, SOCIAL welfare increases and a higher minimum wage are among the raft of revenue-relieving Budget 2016 measures kicking in today.

Here are the main changes that came into effect from midnight:

The 7% rate dropped to 5.5%, and the 3.5% and 1.5% rates have been reduced by 0.5%.

The thresholds at which people pay different rates of USC also changed, while the entry point for those who have to pay the charge rose from €12,012 to €13,000.

The respite care grant, one of the government’s most contentious cuts, has been restored to its previous level of €1,700 from today.

The €5 increase in child benefit also kicked in, bringing it back to its pre-2012 rate of €140 a month, as well as the €3 weekly hike in the old-age pension.

The minimum wage went from €8.65 to €9.15 per hour from midnight.

The pension fund levy of 0.15% will no longer apply from today.

The inheritance tax threshold has been increased to €280,000 from €225,000.

A new tapered PRSI credit with a maximum level of €12 per week also came into effect.

The new 12 cent fee per ATM withdrawal went into place from midnight.

However, the total annual fee per card is being capped at €2.50 on ATM cards and €5 on combined (ATM and debit) cards.

The motor tax has been reduced for all vehicles over 4,000 kilos, with a new rate of €500 for vehicles weighing up to 12,000 kilos and €900 for vehicles over 12,000 kilos.

Read: Budget 2016 – here are all the main points

Read: What do people in Dublin think of Budget 2016?

  • Share on Facebook
  • Email this article
  •  

About the author:

Catherine Healy

Read next:

COMMENTS (88)