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Tag Archives: Budget 2015

Few surprises in Budget 2015

The higher rate of income tax will decrease by 1% while the amount a person can earn before entering the higher tax bracket has also increased under Budget 2015 announced today by Minister for Finance Michael Noonan. The income tax standard rate band will increase by €1,000 to €33,800 for a single person and changes will be introduced to the Universal Social Charge which will mean workers earning less than €12,000 will not have to pay it. The higher rate of income tax will come down by 1% from 41% to 40% while the entry rate for the USC goes up from €10,000 to €12,000. The existing 2% USC rate will be brought down to 1.5% and the 4% rate will fall to 3.5%. A new 8% USC rate is being introduced for those earning over €70,000. The Minister announced the ending of the 0.6% Pension Levy at the end of 2014. The additional 0.15% Pension Levy introduced for 2014 …

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The social welfare elements of Budget 2015

Budget 2015 will help families back to work, provide extra financial support for children and a range of vulnerable groups, according to Tánaiste and Minister for Social Protection, Joan Burton. “Through the Pathways to Work strategy to reduce the Live Register, the Department has placed an unrelenting focus on helping jobseekers return to work, with unemployment down from a crisis peak of 15.1% to 11.1% now. This focus will continue in 2015, and will produce significant savings from reduced jobseeker payments, which produces a number of benefits. “Firstly, it means that overall welfare spending continues to decrease, contributing to the stabilisation of the public finances. Secondly, it ensures there will be no reductions to any social welfare scheme in 2015. Thirdly, we can use some of the savings to increase payments in certain areas to assist the most vulnerable,” she said. Main social welfare elements in Budget 2015 Return to Work Initiatives – €1.1 billion to be spent on employment …

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Budget fears for seniors

Senior Help Line has noted an increase in calls from older people in recent days who are concerned about Budget 2015, which will be unveiled on this Tuesday. Callers are worried about money matters, potential increases to the cost of living and further cuts to vital services in their areas. They are concerned about how the budget will affect them and there is a fear that further allowances or benefits will be lost. Many older people are finding it increasingly difficult to make ends meet, Senior Help Line noted. Data released in the Global Age Watch Index 2014 showed that the incidence of poverty among older people is on the rise in Ireland.  The report indicated that old age poverty has reached 7.6pc which is a 12.1pc increase on previous years. Current Senior Help Line experience affirms this increased poverty among older people. The non – contributory state pension offers recipients a basic rate of €219 per week, and with …

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