'Average' worker in Ireland to get €1,000 cash boost in Budget 2024

The average worker in Ireland will benefit to the tune of €1,000 or more in Budget 2024, Taoiseach Leo Varadkar has indicated.

He was speaking to the media ahead of the announcement of Budget 2024 on Tuesday, October 10 when Ministers Michael McGrath and Paschal Donohoe will unveil the measures included.

Ahead of the announcement, Mr Varadkar has confirmed that average workers should get at least €1,000 back in their pockets, "not just in the tax package, that’s taking into account once-off measures.”

“One thing I want to do is reward work, and make sure that people keep money in their pockets," he said.

“I think it’s fair to say if you add it all up for the average, middle income worker, it’ll be more than €1,000."

The Budget will include cuts to income tax and USC paid by workers but will also see once-off measures, with at least one energy credit of €200 likely to be included to help hard-pressed households. The point (€40,000 annual salary) at which workers enter the higher income tax bracket of 40% will be increased. 

The Taoiseach has also indicated that there will be a hike in child benefit payments. He commented: "I’d like to see that increase, because that’s one of the most effective ways that we can reduce child poverty."

These are likely to be accompanied with increases to core social welfare payments to tackle the cost of living crisis faced by thousands of people around the country. A rise of €12 to payments have been mooted but not confirmed by those in Government.

Among other measures that could benefit workers is help with childcare fees, a halt on fuel excise increases to stop the per litre price passing €2 and an addition to the renter's tax credit.

The Budget will be announced on Tuesday, October 10.