Budget 2014

Home Forums ASK THE EXPERT Financial Advisor Budget 2014

Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
  • #16510

    Below we are sharing a summary of the bits and pieces of Budget 2014 that matter to you, ie. parents.

    Please feel free to submit any queries you have on this year’s budget and what it means for you and your family.

    We’re here to help!

    Andy and Alma…


    Well very mixed reactions coming in from yesterday’s budget. Now with nearly 24hours since it’s disclosure we have summarised the main points that families will need to be made aware of:

    1. Child Benefit rates are being maintained at €130 per month.

    2. Allocating €37 million to fund the roll out of Free GP Care for children aged 5 and under as a first step in our programme to provide Free GP Care for all.

    3. One Parent Family Tax Credit to be replaced with Single Person Child Carer Tax Credit, available only to the principal carer of the child

    4. Child benefit for fourth and subsequent child cut to €130 from January from previous rate of €140

    5. Lottery licence sale proceeds will be spent on children’s hospital (€200m), and also on road projects, insulation, housing adaptation grants and more.

    6. All maternity benefit to be standardised at €230 a week. A fall of €32 per week for most working women.

    7. No increase in either primary or secondary school class sizes. Over 1,250 new classroom and resource teachers for the school system will be recruited

    8. €5m had been secured from the proposed sale of the National Lottery to fund the setting up of book rental schemes in primary schools. Schools will receive €100 euro per child or €150 in the case of disadvantaged or DEIS schools to allow them to establish rental schemes.

    9. €25m cut in funding to third-level institutions to continue

    10. No increase in pupil-teacher ratio in free schools

    11. No additional cuts to the student maintenance grant

    12. An increase in the pharmacy dispensing fee from €1.50 to €2.50

    13. Lowering of the income thresholds for the Over 70s Medical Cards to €900 per week for a couple and €500 for a single person

    14. Tax relief no longer allowed on top range private health insurance plans, which cost over €1,000 per adult and €500 per child

    15. No reduction in basic social welfare rates

    16. Extension of the €100 reduced rate of Jobseeker’s Allowance and Supplementary Welfare Allowance to existing recipients who reach 22, and for new entrants aged up to 24 on or after 1 January 2014. The reduced rate of €144 will apply to those reaching 25 from January 2014. http://www.rte.ie/news/business/2013/10 … -extended/

    Source: rte.ie 2013


    Horrid, horrid, horrid.

    The cuts to maternity benefit are awful, its such a deterrent for women to have babies.

    The cuts to the 4th and subsequent children on child benefit is also awful. Last year we lost 58 euro in one swoop with the CB cuts and another 10 euro is just so mean.

    The cuts to phone call payments for the elderly

    This government is squeezing the most vulnerable yet again to bail out the horrid banks. So fed up with that shower, they have not got a clue. 😈


    thanks for posting. what does the pension levy change mean?


    Do you know how long it will be before kids under 5 can get the free GP care?.


    thanks for posting. what does the pension levy change mean?

    Hi Felicity,

    The Pension Levy was introduced in 2011 to fund the Jobs Initiative and was due to run until 2014. The levy is 0.6% of the value of your pension fund on 30 June of each year (i.e. if you had €10,000 in your fund €60 would be deducted to pay the levy).

    In this budget an additional levy on pension funds at 0.15% p.a. has been introduced to apply in 2014. In effect this means that the Pensions Fund Levy of 0.6% on pension fund assets is to increase to 0.75% for the year 2014 (i.e. if you had €10,000 in your fund on 30 June 2014 €75 would be deducted to pay the levy). The levy will be reduced to 0.15% for 2015.

    Hope this answers your query.


    Do you know how long it will be before kids under 5 can get the free GP care?.

    Hi Haileysmum,

    I’m afraid we have no knowledge yet on when this will come to pass. As it turns out, it looks like no prior consultation took place with doctors on this reform so we will have to see if GP’s will take it up and roll it out.
    As a parent to three under 5’s I will be keeping a very close eye on this one! 😯


Viewing 7 posts - 1 through 7 (of 7 total)
  • You must be logged in to reply to this topic.