Financial measures, which have been put in place by the Coalition for the year ahead, were revealed in this afternoon's Budget 2016 announcement.

We have compiled the main points below and highlighted the changes which will be implemented depending on your family situation.

Lone-parent family

If you are a single person in PAYE employment with dependent children, you will see the following changes to your payslip next year:

1.Changes to USC include an increase of the threshold for payment of USC from €12,012 to €13,000, and to the rates as follows:

 1.5% to 1% for income up to €12,012

 3.5% to 3% for income between €12,012 - €18,668

 7% to 5.5% for income over €18,668

2. Child Benefit increased by €5 per child per month for all families (€60 per child per year)

3. Tapered employee’s PRSI for low income earners

4.  Increase of minimum wage from €8.65 to €9.15 per hour

Commentary

A summary of how these changes affect a single person with 1 dependent child depending on their salary level is outlined below.

Note: the Salary of €18,556 is the minimum wage salary which increased from €17,542 in 2015 (an increase of €1,014, which is factored into annual savings calculations)
 


Other benefits for families in the Budget

1. Second year free pre-school care for every child aged between three and five

2. Two weeks paid paternity leave

Figures provided by Red Oak Tax Refunds
 

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