What Budget 2025 means for me? All the measures including tax cuts and cash boosts

After much speculation as to what people could expect in Budget 2025, today Minister for Finance Jack Chambers and Minister for Public Expenditure and Reform Paschal Donohoe laid out exactly what the Government has targeted in this year's budget.

Earlier, Taoiseach Simon Harris said that the budget delivered today contains a cost of living package that will make a "real difference" to peoples lives. The Taoiseach added: "It's a sensible approach we have adopted, it's about giving people a little bit of their own money back."

With such talk having promised a generous budget, what measures have actually been announced today in the Dáil and who will be most affected?

Parents:

Parents will be glad to know that two double child benefit payments will be paid before Christmas. The two double payments of €280 each will be paid in November and December to those who qualify.

The free schoolbook scheme will also be extended to senior cycle. This will no doubt be welcomed by families as the scheme now covers students up to the Leaving Cert.

Social Welfare:

Social Welfare payments are set to increase by €12 a week. There will also be an October bonus double payment for recipients of long-term Social Protection payments, people with disabilities and the long-term unemployed.

Students: 

Students will be happy to hear that there will be a continued reduction of the student contribution fee by one thousand euro.

In addition to this, Donohue announced a once-off reduction of 33% percent in the contribution fee for apprentices in higher education as well as an increase in the Post Graduate Tuition fee contribution by one thousand euro for student grant recipients.

Pensioners: 

For those over 66, the Fuel Allowance has been extended, and pensioners can expect a Fuel Allowance lump sum of €300 in November.

There has also been a €12 rise in the pension, and double payments will be paid out in October.

Carers: 

In order to support carers and their important role in society, today's budget saw an increase in tax credits for carers. The Home Carer Tax Credit has increased by €150, as has the Single Person Child Carer Credit. The Incapacitated Child Tax Credit has risen by €300, and the Dependent Relative Tax Credit by €60. 

Renters: 

Other Key Areas:

All things tax: 

Finance Minister Jack Chambers said in his speech to the Dáil today, that the Government aimed to develop an income tax package that would support low and middle income earners. He announced that the Budget would include a personal income tax package of €1.6 billion. 

Minimum Wage: 

The national minimum wage has risen by 80 cent per hour, to €13.50 per hour. To ensure workers on minimum wage see this rise in their wages, the entry threshold for USC has been increased. Minister Chambers assured that he will be increasing the entry threshold to the new 3% rate by €1,622 to €27,382. 

This essentially means that workers on minimum wage will see an increase in their net take home pay of approximately €1,424 annually. 

Many will people will be happy to know that the Help to Buy scheme has been extended to 2029.

In order to maximise the use of existing housing stock, the rate of the Vacant Home Tax has also been increased from 5 to 7 times the property's existing base Local Property Tax rate. The increase will take effect from the next chargeable period, commencing this November.

In 2025, €2 billion will be available to deliver 10,000 new build social homes. 

Health:

Today's announcements revealed an additional funding of €2.7 billion for the health sector over two years, bringing the total health allocation to €25.76 billion.

As part of this, an additional 495 much needed beds will be introduced across hospital and community services. 

In positive news for women and couples, the budget includes an increase in access to IVF and Hormone Replacement Therapy free of charge.

The provision of mental health services will also be enhanced as part of the budget's health package.