Budget 2020
The 2020 Budget was mostly devoid of radical change. It instead focused on continuing the overlying trend of the former budgets in pursuit of economic growth and expanding social welfare efforts. There was no increase in taxes for the third year in a row as well as increases in the level and amount of tax rebates.
General bonuses
Firstly, the Cost of Living Adjustment (COLA) was increased by €3.49 per week. Whilst a one off bonus is to be given to the tune of €15 per single person households, and all other households receiving €35. This was introduced to counter the increase in the prices of necessary consumables, such as milk and bread.
Income tax and Leave
An extra day is to be added to the leave schedule of all employees.
An income tax refund is to be given to anyone who has every worked. These refunds will range from €40 to €68 according to the level of income of the individual.
Overtime
Overtime will start to be taxed at the 15% rate for the first 100 hours of overtime. This is only eligible for those people who have a basic salary not exceeding €20,000 and which are not in managerial positions.
Property
A new scheme is to be introduced were people up to 39 years of age who are unable to cover the 10% deposit when attempting to purchase a property, will be eligible for a government issued interest free loan. This loan can go up to a maximum of €17,000 and is to paid back over 15 years.
First time buyers will now be able to apply on a property value of €175,000 with the maximum benefit increasing to €6,500.
Green Grants
Grant will be set up where shops are incentivised to set up green corners where products can be sold by weight instead of being pre packaged.
A grant up to a maximum of €200,000 for contractors to change their machinery into newer, cleaner and quieter versions.
Pensioners
Pensioners will receive an increase of €7 to their pension (when including the COLA adjustment). The supplementary allowance for people over 65 years of age will also increase to €150. An old age benefit of €300 for those over 75 and €350 for those older than 80 will be enacted.
Vat on education
All VAT on education is to be removed. This includes conventional education, vocational services and distance learning.
Children and social measures
For every child born or adopted, the parents will receive a one of €300 bonus in a new scheme launched this year.
The disability pension is to increase to €161 per week.
The VAT grant on the purchase of equipment for the disabled will increase to €1000.
Health
People suffering from fibromyalgia will be eligible for sickness benefit with the first three days of sick leave being covered by the government.