Prediction about the Cost Of Living Package

Prediction about the Cost Of Living Package

Want to know about the Cost Of Living Package?

Recently, much anticipation has been surrounding the potential content of the upcoming Cost Of Living Package revealed by Government officials next week.

We anticipate the package's announcement on Tuesday and information regarding its content have been circulating recently.

The Government has pledged to provide economic relief to struggling families with rising costs but has mentioned the inflation rate appears to be stabilizing and not dropping further.

It has been stated that extended benefits such as increased welfare payments and energy credits are not a sustainable solution and can't be expected to be available in the long term.

People should anticipate a boost in the coming week, with the Government revealing its spring Cost Of Living Scheme. This is set to benefit households significantly.

It appears that another child welfare payment is in the works, as families are still facing financial difficulties due to rising costs. Moreover, an energy rebate could potentially be announced in order to help with monthly bills.

Families with dependent children can look forward to an augmented allowance in 2022. Back in November of the same year, obligatory guardians were granted an additional €140 per child for the month. This payment will be similar to that one.

The government is also contemplating increasing other core benefits, yet the final decision is still pending.

Also Read: Government envisions a plan where Jobseekers in Ireland can get up to €450

Last year's Budget allocated €200 energy credits to every household in the country, with two of those payments already received in November and January. The third and possibly a fourth credit will likely be issued in March, although there are some reservations about it among Cabinet members.

It appears that the public will be paying more for their fuel and hospitality services, as the VAT rate is expected to rise from 9% to 13.5%. This could have a considerable effect on businesses in the hospitality sector.

Further, there is a chance of an increase in the excise duty on fuel. Last year, motorists were provided with a reprieve in the form of 20c per litre excise on petrol and 15c on diesel to curb the energy crisis. However, these rates may be eventually phased out.

Minister Micheal Martin has expressed his intention to provide more energy credits during the second half of the year because of the upcoming cold weather. Although energy costs are currently dropping, if temperatures dip in spring then prices could rise again significantly.

This week, he affirmed that the Government will offer support to people who are in most need of assistance.

He continued to say that they will be introducing plans to assist those on low incomes, specifically aiming their resources at them.

Leaders from the coalition and high-ranking government officials gathered on Thursday night to discuss upcoming cost-of-living policies.

It is well known that Fine Gael was advocating for a combination of specific and broad approaches, whereas the Greens were resisting extra energy compensation.

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