In Budget 2024, Ireland is set to raise Working Family Payment (WFP) income limits by €54 across family sizes, starting January 2024. Additionally, current WFP recipients will receive a one-time payment of €400 in the week beginning November 20, 2023. These measures aim to bolster support for employed individuals with children facing financial challenges, reflecting a commitment to addressing the evolving needs of families.
Working Family Payment Budget 2024
Working Family Payment (WFP) supports low-income employees with children, providing a weekly tax-free payment based on family income. To qualify, work 38+ hours per fortnight, expect the job to last 3 months, and have at least one child under 18. WFP is 60% of the difference between your average income and the WFP income limit. Changes in family circumstances and certain social welfare payments may impact eligibility.
The WFP Budget 2024 has introduced a number of changes to the payment, including an increase in the income thresholds for all family sizes and a once-off payment of €400 to all families receiving the WFP. The Working Family Payment Budget 2024 has introduced a number of changes to the payment, including:
- An increase in the income thresholds for all family sizes
- A once-off payment of €400 to all families receiving the Working Family Payment
- CHILD TAX CREDIT 2024
- WHERE’S MY REFUND 2023?
- IRS TAX REFUND 2023
- CHILDREN TAX CREDIT 2023
- IRS INHERITANCE TAX
Who is eligible for the Working Family Payment?
To be eligible for the Working Family Payment, you must:
- Be living in Ireland
- Be employed for at least 35 hours per week (or 30 hours per week if you have a disability)
- Have a household income that is below the relevant income threshold for your family size
What are the income thresholds for the Working Family Payment 2024?
The following table shows the income thresholds for the Working Family Payment 2024, based on family size:
|Family Size||Income Threshold(€ per week)|
|8 or more Children||€1,412|
The amount of Working Family Payment that you receive will depend on your household income and the number of children in your family. The maximum weekly payment for a family with one child is €125.80. The maximum weekly payment for a family with two children is €153.60, and so on.
How to apply for the Working Family Payment?
You can apply for the Working Family Payment online or by post. To apply online, you will need to create a MyWelfare account. To apply by post, you will need to download and complete an application form.
All families receiving the Working Family Payment will receive a once-off payment of €400 in November 2023. This payment is designed to help families with the cost of living.
How to budget for the Working Family Payment?
If you are receiving the Working Family Payment, it is important to budget your money carefully so that you can make the most of your income. Here are some tips:
- Create a budget: The first step is to create a budget so that you can see where your money is going each month. This will help you to identify areas where you can cut back.
- Prioritise your expenses: Once you have a budget, you need to prioritise your expenses. This means paying your essential bills first, such as rent, mortgage, and utilities.
- Put money aside for savings: It is important to try to save some money each month, even if it is just a small amount. This will create a financial cushion for unexpected expenses.
- Get help with budgeting: If you are struggling to budget, there are a number of organisations that can help you. For example, the Money Advice and Budgeting Service (MABS) provides free and confidential advice on budgeting and debt management.
Impact of the Working Family Payment Budget 2024 on Families
The Working Family Payment Budget 2024 is expected to have a positive impact on working families. The increase in the income thresholds will mean that more families will be eligible for the payment. The once-off payment of €400 will also provide a welcome boost to families during a difficult time.
The WFP can help working families to make ends meet and to provide for their children. It can also help families to save money for the future. For example, families can use the WFP to pay for childcare costs, school uniforms, and other essential expenses.
The WFP can also help to reduce poverty and inequality among working families. By providing families with additional income, the WFP can help to improve their living standards and opportunities.
Additional support for working families
In addition to the Working Family Payment, there are a number of other supports available to working families. These include:
- Child Benefit: Child Benefit is a weekly payment that is paid to families with children under the age of 18.
- Early Childhood Care and Education (ECCE) scheme: The ECCE scheme provides free pre-school education to all children aged 3 to 5 years.
- School meals: The Government provides free school meals to children in certain primary schools.
- Tax credits: There are a number of tax credits available to working families, such as the Working Family Tax Credit and the Qualified Child Increase.
If you are unsure about what supports you are eligible for, you can contact your local Social Welfare Office or the Citizens Information Service.
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