The Irish Congress of Trade Unions (ICTU) has said it would be unwise to use windfall tax receipts to fund current spending increases or permanent tax cuts.

ICTU said that proposed cuts to income tax rates or bands and to the USC would be "extremely regressive".

In its pre-budget submission document ‘Making Work Pay’, ICTU is calling for the establishment of a countercyclical rainy day fund for once-off responses to future economic crises, state investment to set up a housing semi-state for the direct provision of housing and a long-term savings vehicle to address population ageing.

Congress is calling for the minimum wage to be increased by at least €2 to €13.30 an hour.

It is also recommending increasing social welfare payments by at least €25 a week, with higher increases for those at risk of income inadequacy and energy poverty.

ICTU said there needs to be increased public investment in health and social care, childcare, education, training, energy and water infrastructure, broadband, and public transport.

According to Congress, more revenue could be raised in the coming years through a wealth tax on households with net assets worth more than €1 million, the ending of certain tax breaks and changes to employer and self-employed PRSI.

ICTU General Secretary Owen Reidy yesterday met with Minister for Finance Michael McGrath and Minister for Public Expenditure, NDP Delivery and Reform Paschal Donohoe to discuss the Congress pre-budget submission.

"Budget 2024 should mark the first step in building a better economic model, predicated on inclusive and sustainable improvements in living standards," Mr Reidy said.

"It should not be a tax cutting budget," he added.