Social welfare among support payments expected to increase later this year 1 week ago

Social welfare among support payments expected to increase later this year

"The forthcoming Budget will be a cost-of-living Budget," says Taoiseach Micheál Martin.

Social welfare payments, pension payments and childcare supports should all receive a bump later this year, as the next Budget begins to come into focus.

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The annual Budget won't be unveiled until October, but Government officials provided some indication of what to expect while speaking on Monday (20 June) as part of the National Economic Dialogue in Dublin.

As it currently stands, no emergency measures are on the horizon to assist with the increasing cost-of-living crisis in Ireland.

"The forthcoming Budget will be a cost-of-living Budget, and what we do has to be comprehensive," Taoiseach Micheál Martin told RTÉ News, adding that "a difficult period lies ahead" for the Irish economy.

On Sunday, he noted that meetings will take place this week to look at the Summer Economic Statement, where the overall degree of resources for the country for the remainder of this year and into 2023 will be assessed.

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"That will deal comprehensively with many of the issues that people are facing at the moment, and there is huge pressure on people, we understand that," the Taoiseach said.

"But any measures we take in the Budget in relation to cost-of-living, it is our intention that many of those measures would have immediate application."

Tánaiste Leo Varadkar, meanwhile, signalled an intention to raise payments in the areas of social welfare, pensions, childcare and beyond.

"I think it stands to reason that the pension increases and social welfare packages will have to be greater in 2023 than they were this year," he said on Monday. "That's only right. The cost of living is rising and the economy's in good health.

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"We’ve got more people at work than ever before. Trade is breaking records and the public finances are in pretty good nick. So, you know, when the Government can protect people’s living standards, it should seek to do so."

Tánaiste Varadkar also underlined that "investing in childcare makes sense now and for the long-term". He did not, however, provide specific amounts in relation to the anticipated increases, with those important numbers likely to stay under wraps until closer to Budget Day in October.

Featured Image of Paschal Donohoe and Micheál Martin via Sasko Lazarov / RollingNews.ie