The anticipation is high as the Cabinet convenes at Government Buildings to approve Budget 2025, which has been meticulously crafted by the coalition leaders. Minister for Finance Jack Chambers and Minister for Public Expenditure and Reform Paschal Donohoe will unveil the details in the Dáil later today. Expectations are high that parents will be the primary beneficiaries of the tax adjustments, new spending initiatives, and special one-time measures.
Budget 2025 boasts a historic €2.7 billion social protection package, featuring a €12 weekly increase in core social welfare payments and ten lump sum payments. Parents are in for a treat with a double child benefit in November and December, along with a generous ‘baby boost’ one-time payment of €420 for newborns starting in January. Additionally, new parents will enjoy a €15 weekly increase in maternity, paternity, and parents’ benefits.
While the VAT rates for the hospitality sector remain unchanged at 13.5%, Minister for Enterprise Peter Burke’s business support package includes a €4,000 flat rate payment for eligible retail and hospitality businesses. The budget’s tax policy highlights a 1% reduction in the Universal Social Charge and expanded tax bands. One-time perks include two energy credits of €125 each applied to electricity bills before Christmas.
Expect more heartwarming initiatives with tens of thousands of pensioners aged 70 and above gaining the privilege to bring along a companion for free on public transport under the ‘Universal Companion Pass’ designed to combat isolation and promote active engagement.
Get into the full depth of Budget 2025 with the latest stories and updates, ensuring you don’t miss a beat on this year’s financial roadmap.
Read more:
Latest Budget 2025 stories
Budget 2025: Here’s what we know so far
How to stay up to date with Budget 2025 on RTÉ