Budget plans that kick in today could see families save almost €3,000

The plans outlined in the budget for 2016 will kick in today and it could be a welcome change for many people as the amount of money they have in their pockets is set to raise by quite a bit. One of the most welcomed moves in this year's budgets was to cut the Universal Social Charge, a move which will ensure workers see less of their wages taken each week. Higher child benefit and higher weekly pension payments are also in store for those entitled. Child benefit payments will increase by €5 per month to €140, while families will also gain from the extension to the free pre-school year and this will work out at a gain of €1,500 from the free pre-school place for one child. Coupled with the savings from the USC cuts, families could be up to €2,800 better off. Another major change is the increase in the minimum wage as it shoots up by 50c to €9.15 per hour.