Sinn Féin has proposed a €5 increase in the state pension and a restoration of the retirement age to 65.

The party has launched its alternative Budget proposals which include a rent freeze for three years and the abolition of the Help to Buy scheme.

The document 'A Budget for Change' sets out plans for spending €3.2 billion more than what the Government plans for Budget 2022, to be funded partly by new taxes on high earners.

This brings its approach a lot closer to the government parties compared to last year, when Sinn Féin proposed to spend €5.3bn more than what the coalition planned at the time.

"Last year we were in the middle of a pandemic and thankfully we are coming out of that," said Sinn Féin's finance spokesperson, Pearse Doherty.

"This is about the choices that you make and there is gap between what we are proposing and what the Government is proposing. The main difference is that we will put workers and families first," he said.

"We see time and time again, Government putting institutional investor, landlords, speculators and developers first.

"That's not what we want to do. We want to cut the cost of living, reduce the cost of rent, reduce the cost of childcare, increase affordable and social homes and make sure people have the right to retire at 65."

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Sinn Fein proposes to:

- Increase the state pension by €5 while restoring the pension age to 65

- Increase working age social welfare rates by €10

- Deliver 20,000 social and affordable houses next year

- -Provide state run childcare service that would slash fees by two thirds

This will be partly funded by tax measures, including a three per cent "solidarity tax" on incomes above €140,000.

The party proposes to abolish the local property tax and says it would not increase carbon taxes.

Other proposed measures are an additional 932 additional hospital beds and recruiting more than 5,250 additional health staff, including consultants, nurses, psychologists, occupation therapists, speech and language therapists and physios.