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Timeline: Here’s when Budget 2022 measures will come into effect

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Petrol and diesel will rise in price tonight after a seventh consecutive budget hit. Photo: Neil Whyld/PA.

Petrol and diesel will rise in price tonight after a seventh consecutive budget hit. Photo: Neil Whyld/PA.

Petrol and diesel will rise in price tonight after a seventh consecutive budget hit. Photo: Neil Whyld/PA.

Finance Minister Paschal Donohoe has laid out Ireland’s Budget for 2022, including changes to income tax rates, the minimum wage and supports like social welfare and fuel allowances.

Here’s the timeline for when these important measures will come into effect.

Tomorrow

  • The cost of cigarettes will go up by 50c to €15 per packet as of tomorrow.
  • Petrol and diesel will rise by approximately 2c and 2.5c per litre, respectively, as of tomorrow. This will add a cost of €1.28 to a 60-litre fill of petrol and €1.48 to a 60-litre fill of diesel.
  • With gas prices and the cost of electricity soaring worldwide, a €5 increase in the fuel allowance will come into effect from midnight on Tuesday, making it worth €33 per week.

January 2022

  • A raft of changes will be introduced at the beginning of next year, including the minimum wage rising 30c to €10.50 per hour.
  • Tens of thousands of pensioners will see their weekly welfare payments increase by up to €13. The state pension is set to increase by €5 to €253.30 from January while the Living Alone Allowance will increase by €3 to €22 on the same date.
  • All social welfare recipients will also see a €5 weekly rise in January along with a full Christmas bonus. Among the welfare recipients to receive a €5 boost are those on Illness Benefit, parental leave payments and the Jobseeker’s Allowance.
  • Young people up to the age of 24 will be able to avail of half-price travel on public transport.
  • Free GP care for children up to the age of seven will be introduced next year.
  • From January, various forms of contraception will be free to people aged 17-25.
  • There will be 2pc rise in the personal tax credit, employment tax credit and earned income credit for the self-employed. The changes in the tax system will mean someone earning €40,000 a year will see their taxes fall by around €435 a year.
  • There will also be a lowering of the threshold for the Drug Refund Scheme from €114 to a flat €100, which will save people €168 a year.

May 2022

  • All fuels excluding petrol and diesel will go up from May 2022 with an estimated €19.40 on a 1,000-litre tank of home heating oil.
  • Coal and peat will also become more expensive from May with a 40kg bag of coal costing 89c more and a 12.5kg bale of peat briquettes costing 20c extra.

The Indo Daily: Three for a Fiver - the Budget and you)

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