A social welfare payment worth €462 which aims to help people with their energy bills is due to be paid this month.
The Fuel Allowance is paid from September to April each year to aid people in heating their homes, which can be paid either weekly or in two lump sum instalments with the first due this month.
Those who qualify will receive their first payment starting the week of September 25 and the second lump sum payment will be distributed in January. Those who chose the weekly payments will get €33 a week from September 25th until the first week of April.
There have been calls for a major expansion of the payment ahead of Budget 2024. The Oireachtas Social Protection committee has said that the 28-week payment schedule should be lengthened and the amount increased "in line with home energy inflation".
They also suggested a new half-rate Fuel Allowance for those with an income of €140-€280 above the relevant social welfare rates should be introduced to address the spiralling cost of fuel.
This comes amid a number of money and banking changes listed for the month of September and we've compiled a handy list to keep track of them all.
Back-to-School Clothing and Footwear Allowance
Applications will close this month for the Back to School Clothing and Footwear Allowance, which has been increased by €100 per child this year.
This will increase the allowance to €260 for each eligible child aged between 4 and 11 and to €385 for eligible children aged 12 to 22.
The scheme is now open and will close for applications on 30 September 2023. However, many families automatically qualify for the scheme and should have received their payment already.
Fuel Allowance
The Fuel Allowance is paid from September to April every year to help people with their heating bills. It is paid in either 28 weekly instalments of €33 or two lump sum payments of €462.
The scheme is expected to resume on Monday, 25th September and will run for 28 weeks before ending during the first week of April
Bank of Ireland deposit rates
Bank of Ireland will be increasing their deposit rates on a number of accounts from September 8.
Interest rates on SuperSaver accounts will rise from 2% to 3% for the first 12 months. After the first year, a rate of 2% will be applied, up from 1%, on balances up to €30,000.
MortageSaver accounts will see interest rates increased from 1% to 2% on balances up to €15,000. A rate of 0.5% will be applied on balances over €15,000, up from 0.01%.
Interest rates on Regular Saver accounts will also be hiked from 1% to 2%, on balances up to €12,000. Balances above 12,000 will have a rate of 0.5%, up from 0.01%.
Permanent TSB
Permanent TSB will be increasing its interest rates on some savings products from September 26.
The bank's three-year fixed-term deposit rate will rise from 2% to 3% while the interest rates on their Regular Saver products will be hiked from 1% to 2.5%. This will apply to both the Online Regular Saver and the 21-Day Regular Saver account for balances of up to €50,000.
Their 18-month fixed-term deposit product will be increased from 2% to 2.5% and their 12-month fixed-term offering will rise from 1.75% to 2%.
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September 03, 2023 at 05:03PM
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Lump sum €462 social welfare payment due this month - Cork Beo
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