LAST UPDATE | 9 Oct 2023

WE’RE 24 HOURS out from Budget 2024 and after a weekend of tense talks, some of the details remain to be hammered out today.

Intense negotiations took place on Sunday between ministers and coalition party leaders, with sign-off given on a welfare package of more than €1.1 billion now expected.

The cost-of-living package of one-off measures will cost more than €2.3 billion, it is understood.

Here’s what do we know so far:

Electricity credits of between €300-€400 – though there are some indications this evening that the amount could rise slightly above the €400 mark.
Further 25% reduction in childcare costs agreed in final budget talks today which will be introduced later in 2024. It’s understood the final details are still under discussion.
Cuts to USC and an increase in the entry point to the higher rate of income tax to around €42,000 are now expected.
Free school books up to Junior cycle (as reported by The Journal on Sunday)
Mortgage interest relief will also be announced for homeowners who have been badly hit by rate hikes
Roll out of the new pay-related-benefit scheme to ensure those that lose their jobs get higher social welfare payments that are linked to their previous salaries (as reported by The Journal on Saturday)
Gardaí trainee allowance will also see a boost, rising from €185 per week to €305 per week, in a bid to recruit and retain gardaí in the force
Renters tax credit to increase to €750
Landlords to get a tax break of between €600 and €1,000, they will have to remain in the rental market for four years if they avail of the credit
One-off business energy grants
Minimum wage to increase by €1.40 to €12.70
Between €12- €15 social welfare payments, such as the pension (still under discussion)
Double child benefit payment
Double fuel allowance payment
Student grants to increase by €300
Post-graduate students will be eligible for grant support of up to €2,300
Young Adult Card eligibility to increase. Currently, young people aged 19-23 qualify for half-price fares on public transport, as well as participating commercial operators. The qualifying age will increase to include 24 and 25-year-olds. When added to the 20% fare cut for adults, it means a 60% fare cut for all 19 to 25-year-olds.
50c increase on cigarettes
New tax on vaping to be announced
No increase in tax-free allowance from employers

Talks are ongoing today with a number of departments such as health yet to finalise its budget, with sources stating there it has been “challenging” to reconcile some of the financial information, with some data being months out of date.

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What we know so far about tomorrow's Budget: USC cuts, €750 rent credit and further 25% childcare cost cuts

Here’s what do we know so far:

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

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