Some Irish households are in for a €1,000 cash boost and a double payment as more price hikes come in from Friday.
Following on from the Budget 2023 announcement, the government confirmed that a host of new supports would be introduced to cushion the blow of the current cost of living crisis.
These include €600 in energy credits given out in €200 instalments, social welfare bonuses, tax cuts, and a number of measures to help students.
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Minister for Public Expenditure, Michael McGrath, announced on Tuesday that there would be several once-off cuts made to the costs associated with going to college this year.
Firstly, the student contribution fee has been reduced by €1000 this year for undergraduate students who are eligible for payment of fees.
This will see the fee reduce by €500 from next year for families earning between €55,240 and €100,000.
Secondly, the changes being made for those in receipt of the SUSI grant, are as follows:
- A double SUSI maintenance grant payment will be paid in December 2022.
- Students will get an incremental increase in their grant starting in January 2023.
- A further €8 million has been allocated to the Student Assistance Fund for the 2022/23 academic year.
- Postgraduate students who qualify for the SUSI grant will get a once-off payment of €1,000.
- Ph.D. students getting Science Foundation Ireland or Irish Research Council awards will get a payment of €500.
- From next year the income threshold for the 50% student contribution grant will increase to €62,000 per year, and the Postgraduate SUSI fee grant will increase by €500.
Elsewhere, domestic electricity customers will receive three installments of €200 energy credits to help reduce electricity bills over the coming months.
The first payment will be made in November 2022, followed by the second credit will be made in January 2023, and the third in March 2023.
Blow for households
This comes as households across the country are due to see their energy bills increase further from Friday.
Energia customers are being hit with another blow to their pocket this week as planned increases take effect from October 7.
The average customer will be hit with a 29% increase in their electricity bills, while gas customers will notice a 39% increase.
According to the company, the change will impact over 160,000 electricity customers and 60,000 gas customers.
The average electricity bill will increase by €9.82 and the average gas bill rise by €10.02 per week.
Dual fuel customers will also see an increase of 33% in their bills or around €19.84 a week on average.
However, the standing charge will remain the same, and there will be no increase to night rates for those customers on smart tariffs.
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