Fianna Fáil says it would abolish the 1% Universal Social Charge (USC) rate in its first budget after the election.

The party says it would also halve the 3% rate, with both measures costing €336 million a year.

It says workers earning up to €80,000 would be taken out of the USC net altogether, over five yers.

Finance spokesman, Michael McGrath says their proposal includes a 'rainy day fund' built by saving the extra money coming now from corporation tax:

"In essence, in the event of an economic downturn, which would be measured by a 1% increase in the unemployment rate for example. And that fund could then be used as a buffer, against any future economic shock.

So that if any economic downturn emerges, that there would be a fund there that could be used for investment purposes to stimulate the economy at a time of economic difficulty."