Budget 2022 - A brief guide to what you need to know 5 days ago

Budget 2022 - A brief guide to what you need to know

A quick guide to some of the main talking points.

Minister for Finance Paschal Donohoe has delivered his Budget for 2022 to the Dáil.

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Speaking in the Dáil on Tuesday, Donohoe said the Budget will help "those concerned with the rising cost of living".

"For those worried about whether they can own a home or afford their rent, this Budget will support you - and for businesses looking to the future, this Budget will back you," he added.

Here are some of the key changes:

  • The minimum wage in Ireland will be increased by 30 cents per hour, bringing the hourly minimum wage rate in Ireland to €10.50.
  • The cut-off point at which the higher rate of tax applies has been increased by €1,500.
  • Tax credits are also set to be raised by €50 over the coming year. (This change is estimated to be worth about €300 a year for the average Irish worker.)
  • There will also be an increase in excise duty on a pack of 20 cigarettes by 50 cents, with a pro-rata increase on other tobacco products, bringing the price of cigarettes in the most popular price category of up to €15.
  • Free contraception starting with those aged 17-25.
  • Plans for 800 new Gardaí.
  • €3.4 billion focused on improving transport and implementing schemes such as DART+ and Nitelink.
  • Travel card available for those aged 19-23 also allowing young people to avail of a 50% discount on public transport.
  • The €250 contribution scheme for third-level education will be abolished.
  • €5 increase for social welfare for jobseekers and pensioners.
  • The establishment of a Covid-19 contingency fund worth over €4 billion.
  • Increase in the SUSI grant for the first time in 10 years.
  • Extension of childcare subsidy to under 15s.
  • Recruitment of 8,000 extra healthcare staff and €30 million to the Department of Health aimed at improving palliative care, mental health and disability services.
  • Free GP care to be expanded to under 7s.
  • A dedicated women's health package worth €31 million.
  • Carbon tax and a new range of climate measures.

Main Image: Sasko Lazarov/RollingNews.ie.