The Minister for Finance and Minister for Public Expenditure and Reform have announced details of Budget 2022. The budgetary preparation process is far more transparent than it has been in the past, and therefore there were no real surprises announced that hadn’t already been published by the media, specifically around social welfare and state pension increases.
The main changes announced are as follows:
- An increase of €1,500 in the income tax standard rate band for all earners
- An increase in the Personal, Employee & Earned Income Tax Credit from €1,650 to €1,700
- Ceiling of the second USC rate band will be increased from €20,687 to €21,295
- 1-year extension of reduced rate of USC for medical card holders
- Weekly income threshold for higher rate of employer’s PRSI will increase from €398 to €410
- €5 increase in main welfare payments and State pension
- Living Alone Allowance to be increased by €3
- Fuel Allowance to be increased by €5
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