Workers set for more tax cuts but no mention of energy credits for Budget 2025
Taoiseach Simon Harris has given the first hints of what might be in Budget 2025 later this year
It's only May and yet the Taoiseach has given the first clues as to what measures might be contained in Budget 2025.
In a speech at the National Economic Dialogue forum on Monday, it's expected the Taoiseach will talk about the upcoming Budget, with a focus on the cost of living and taxes.
In the speech, he will commit to "extra funding" to keep up with the cost of living struggles faced by many households in Ireland despite the rate of inflation across Europe slowing down.
It also looks like workers are in line for further tax cuts via an increase to the amount of money you can earn before entering the higher 40% tax bracket. The Taoiseach says the tax rates must be "properly indexed" so people don't enter the higher bracket, Independent.ie reports.
It's also expected that he will mention the planned introduction of a new pay-related jobseeker’s benefit which could see workers who lose their jobs receiving up to 60% of their previous earnings, up to around €450, for the first three months of their unemployment. This scheme is being worked on by the Department of Social Protection to avoid a cliff-edge for people losing their jobs.
The Taoiseach will also mention an automatic enrolment retirement savings scheme also in the works.
Despite the measures, the Taoiseach has not mentioned the prospected of further energy credits. They have been used in the last two Budgets to take money directly off people's energy bills.
It's understood the Government will watch energy markets and other factors like inflation before making a decision to roll out energy credits again in Budget 2025.