The Irish government has announced plans to save €15bn over the next few years to tackle the country's debt crisis.
On the back of negotiations for a €85bn bailout from the EU and IMF, the measures include 24,750 public sector job cuts, €2.8bn in social welfare savings and an additional €1.9bn in income tax rises.
Meanwhile, Ireland's minimum wage will be cut by €1 to €7.65 and VAT will be raised from 21% to 22% in 2013 and 24% in 2014.
However, corporation tax will remain unchanged at 12.5%, with the government maintaining it is a "cornerstone of our pro-enterprise, outward-looking industrial policy".
The government adds: "The tax and expenditure measures contained in this Plan will negatively affect the living standards of citizens in the short-term.
"But postponing these measures will lead to greater burdens in the future for those who can least bear them, and will jeopardise our prospects of returning to sustainable growth and full employment."
It is estimated the plan will cost Irish taxpayers €20 a week and it comes on top of €15bn of cuts already made since the onset of the financial crisis.
Taoiseach Brian Cowen says: "We can and will pull through as we have in the past. We love our country and we want to make sure our children have a future here too."
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