The minimum wage will increase to €12.70 next year, Finance Minister Michael McGrath has announced. 

Currently, someone on the minimum wage earns €11.30 - that will now rise by €1.40 in  2024. 

Minister McGrath also announced a number of changes to the tax system; the 4.5% rate of USC will drop to 4% and the threshold at which someone starts paying the higher rate of income tax will increase to €42,000 - up from the current level of €40,000.

Main image: Michael McGrath and Paschal Donohoe