Fine Gael to give up to €1,500 to all newborns if returned to power
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At least €1,000 lodged for every newborn baby and plans to axe the Universal Social Charge (USC) for self-employed people are among the election pledges expected to be announced by Fine Gael on Sunday afternoon.
In the party’s general election manifesto, due to be unveiled by Taoiseach Simon Harris in Tipperary on Sunday, the party is expected to announce it plans to set up a saving account for every Irish baby born over the term of the next government.
Each child could expect to receive at least €1,000 into the account set up in their name, with children from a disadvantaged background expected to receive €1,500.
The accounts would be set up automatically by the State after the child is born.
It is estimated that, if a family has a means to top up what is being called an Acorn account, to the tune of €2,000 annually, the child could have €53,000 by the time they turn 18.
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The newborn savings scheme is expected to cost €75m annually, and it would run indefinitely unless scrapped by a future government.
Fine Gael also plans to support self-employed people by axing the Universal Social Charge (USC) and to ensure at least half of all IDA Ireland investments are located outside of Dublin in a bid to promote regional development.
The party is also set to outline its plans for supports for companies investing in disruptive technologies, as part of a bid to maintain Ireland’s competitiveness.
According to reports on Sunday morning, the Fine Gael general election manifesto also includes plans to align increases in personal income tax credits.
This will see self-employed people receiving the same benefits as employees.