Budget 2024 - What are the changes?
Budget 2024 was announced on Tuesday, 10 October 2023. The Budget sets out an overall package of €12.3 billion. This is made up of a package of once-off measures worth €2.3 billion, a core budget package of €5.2 billion and non-core expenditure of €4.5 billion for 2024.
- It was announced that the minimum wage will increase from 1 January 2024. The national minimum wage for people aged 20 and over will increase by €1.40 to €12.70 per hour.
Age group Minimum wage from 1 January 2024
| Age 20 and over | €12.70 |
| Age 19 | €11.43 |
| Age 18 | €10.16 |
| Under 18 | €8.89 |
- Parents leave will increased from 7 weeks to 9 weeks paid leave from August 2024. Parent’s Benefit is paid in the first 2 years of the child’s birth or adoption. Employees must notify their employer their intent to take parent’s leave and dates no later than 6 weeks before their leave. They apply for Parent’s Benefit at least 4 weeks before the date they start your parent’s leave.
As well as the above, there has been changes to Personal tax, Capital tax, ESG, VAT and VRT.
Further information can be found here.
We linked a budget calculator as well to help see how Budget 2024 can help you! You can find it here.
