A number of changes for Irish people are on the way over the coming months as the cost of living crisis continues and new plans take effect.
The Government has approved several new measures that will see an auto-enrolled pension scheme introduced by 2024, improved sick pay entitlements by 2024 and the issuing of a €200 energy credit in the coming days.
The new plans aim to combat the rising rates of inflation that have been further compounded by sanctions against Russia after its invasion of Ukraine.
READ MORE: All Irish workers will be entitled to sick pay later this year regardless of illness
Here is a closer look at the changes expected over the coming months.
Auto-enrolled pension scheme
Cabinet has approved an auto-enrolment plan which will see anyone earning over €20,000 automatically signed up to make contributions to their retirement fund.
The plan is being introduced as there are not enough people who have an occupational or supplementary pension for when they retire.
Employees' savings and investment scheme will see the State and employers contribute toward employee pensions.
Around 750,000 employees aged between 23 and 60 not already enrolled in an occupational pension scheme will be affected.
It will come into effect in January 2024, with the final infrastructure to be in place in late 2023.
Minister for Social Protection Heather Humphreys said that for every €3 put into the pension pot by an employee, employers will put €3 in while the State put in €1.
Sick pay entitlements
The Cabinet has signed off on proposed new laws on sick pay, making it mandatory for all employers to offer a minimum level of cover.
The new laws will take effect as soon as enacted and will be phased in over a four-year period.
The bill will benefit around half of all employees who do not receive a level of sick leave under their contract.
Initially, the proposed laws will require employers to offer three days a year of sick leave, which will bridge the gap in coverage caused by Illness Benefit waiting days.
However, this will rise to five days in 2024, seven days in 2025 and ten days in 2026.
The pay will have to be a minimum of 70% of a worker's normal wage, subject to a daily maximum threshold of €110.
€200 energy rebate
A €200 electricity credit will be made to households throughout Ireland next week.
The credit is part of measures taken by the Government to combat the rising cost of living in the country.
Originally going to be €100, it was doubled to €200 due to surging energy costs.
Around 2.25 million account holders will benefit from the scheme, with the payment to be automatically applied to all electricity accounts, meaning no action is needed from the holder of the account.
The Government has confirmed the €176.22 credit line (ex VAT) will start appearing on bills from April.
If you are living in a rental property and are responsible for paying your own electricity bill, the credit will be passed on to you.
However, if your landlord pays your electricity bill, it will be up to them whether or not they pass on any of the money.
Pay as you go customers will also be eligible for the credit, and those who own multiple homes will see the credit applied to each account they hold.
Cost of food
People are likely to see further increases in the cost of their weekly shop as Taoiseach Micheal Martin confirmed that price increases on food and energy would "continue right to the end of the year".
Irish households are set to see an increase of costs of up to €1,900 in energy and food bills as inflation continues to rise.
However, further financial measures for households are unlikely to be introduced as the Taoiseach said the Government to date had produced about €2 billion around welfare payments and energy in response to the increase in inflation.
READ MORE: Who will be eligible for new pension scheme as over 750,000 workers to benefit?
READ MORE: Energy rebate of €200 to be paid in days but some will have to wait until May or June
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