Social welfare payments could be doubled in a once-off measure as a part of the cost-of-living package set to be announced in Budget 2023 later this month.
Other proposals also being considered include a double payment of Child Benefit, the €200 electricity credit, a €100 lump sum for fuel allowance recipients and a one-off double Working Family Payment.
The news comes as families across Ireland struggling to cope with the cost of living crisis eagerly await the Budget in the hopes that the unprecedented once-off interventions will ease the strain.
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Speaking on the plans, Taoiseach Michael Martin said: "Certainly, we're looking at families and children, in particular, because obviously, the costs will be higher for families.
"There are two elements to it; in the cost-of-living package, we want to allocate as much as we possibly can in the 2022 financial year. Then there are the budgetary measures where we do have to look at it from a policy perspective, a more sustained improvement, for example."
It is understood Government also aims to reduce childcare costs by €200 per month next year and a further €200 per month the following year.
While a 25 per cent increase in student grants and a considerable reduction in third-level fees are also up for discussion.
Renters are expected to benefit as sources have indicated that the Department of Housing is considering a tax credit.
It is also likely that landlords will benefit as Housing Minister Darragh O'Brien signalled that an incentive would be introduced to encourage them to remain in the housing market as rental supply remains at an all-time low.
People can also expect some relief surrounding soaring energy bills.
The Government is discussing giving households a total of €600 off their bills over a number of months.
It is expected this will come in three instalments of €200 energy credits between now and next spring.
Tanaiste Leo Varadkar indicated that people would get the support before and after Christmas.
Businesses are also expected to receive assistance to prioritise protecting jobs.
Households will also benefit from windfall taxes on energy firms' earnings, but this relief won't happen until after the Budget announcement, once the EU agrees on a deal.
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