Pension hikes are reported to be a feature in the upcoming budget as a response to the cost of living crisis.
It has been widely agreed among officials that the focus of Budget 2023 must be the cost-of-living crisis, as people struggle with the increasing costs of running a home, car and everyday expenses. It has been relatively good news for those drawing their pension in recent weeks, as pension holders with a cost-of-living rise built in will now see an increase in their weekly wage.
However, an investigation by The Irish Independent claimed that some pension providers were limiting payments on schemes with an inflation escalator clause. A probe by Revenue has cleared the way for these payments to increase in value to keep up with inflation.The Tanaiste said that they hope to increase subsidies to make the cost of childcare more affordable for parents.
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