The Tax Strategy Group paper on Social Protection sets out the option of a €15 increase in weekly social welfare payments in response to increases in the cost of living.

The paper points out that this would be three times the increase in Budget 2022.

It would cost just over €1.1 billion.

It also considers a 6.1% increase the State Pension Contributory which would result in an increase in the maximum personal rate of €15.50.

The cost of the increase would be €393.1m in a full year.

It also considers using another measure of inflation which would lead to a 8.3% increase in pensions.

This would give an increase in the maximum personal rate of €21.10 and would cost €777.7m in a full year.

It has costed this level of increase if it were granted across all social welfare payments at €1.424 billion in a full year.