People are being reminded some key dates for cost of living payments and benefits next month. The Department for Work and Pensions has already issued a number of support payments to millions of people this year including a £301 cost of living payment and a £150 payment to those with disabilities.
It comes as many continue to struggle with the cost of living crisis. Recently rising interest rates have heaped worry on mortgage holders with fears that hundreds of pounds could be added to monthly mortgage repayments, as inflation remains stubbornly high at 8.7%.
There are a number of important dates for cost of living payments, benefit changes and other information that could make a big difference to your finances next month - here are all the changes you need to be aware of in August. To get all the latest money-saving news straight to your inbox twice a week sign up here.
Next £300 cost of living payment
It is possible that there could be further information on the government's second cost of living payment next month. The payment of £300 is being given to those on means-tested benefits and follows the £301 sent out to millions of households in April and May.
An exact date for the new payment has not been confirmed yet, but the DWP has previously said it could come in the 'autumn', and Martin Lewis has predicted it is likely to be September or October when the money arrives. The government has traditionally announced the cost of living payments around a month before they go out, so it is possible we could find out the dates of the payments, or at least the qualifying dates for benefits claimants, in August.
Changes to benefit dates
There will also be changes to benefits due to the upcoming August bank holiday on Monday, August 28. For millions of benefits claimants it means you can expect to see your money paid one working day earlier on Friday, August 25.
That applies to anyone expecting to receive any of the following from the DWP in August:
- Universal credit
- State pension
- Pension credit
- Disability living allowance
- Personal independence payment
- Attendance allowance
- Carer’s allowance
- Employment support allowance
- Income support
- Jobseeker’s allowance
Energy price cap announcement
Energy regulator Ofgem set the energy price cap at £2,074 for the third quarter beginning July 1, a huge fall from the £3,280 it was set at during the second quarter, during which households were shielded by the government's energy price guarantee.
Ofgem will announce the price cap to take effect from October 1, 2023. Consultancy firm Cornwall Insight has said it expects the typical annual bill to be £1,976 from that date.
Delayed £150 disability payment
More than six million people have been paid the government's £150 disability payment, which was given out to those on benefits like attendance allowance and personal independence payments (PIP) between June and July. However, if you missed the payment but were eligible, or you were waiting on a benefit claim that was approved at a later date, you might not have had yours yet.
It's worth checking with the DWP if you feel you are eligible but might not have had your money yet. To find out how to report a missing payment click here.
