The Department for Work and Pensions (DWP) has announced when millions of households will receive their first Cost of Living payment.
The first payment of £301 will be part of three instalments totalling £900. According to the DWP, people can expect the payment to land in their bank accounts between Tuesday, April 25 and Wednesday, May 17.
Some households could even receive up to £1,350 as part of the support package if they are found eligible for the £150 disability cost of living payment and the £300 for pensioners due later on in the year. The £301 payment will be sent out automatically so you don't need to apply for it.
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Mel Stride, Secretary of State for Work and Pensions, said: “These payments will give a financial boost to more than eight million households as we continue to wrap our arms around the most vulnerable, while the best way we can protect people from high costs is to halve inflation by the end of this year.
“In the long-term, we know work is the best route out of poverty, which is why we recently announced additional Work Coach support to help more people find work or increase their hours. Anyone looking to boost their skills or progress their career should speak to their work coach to ensure they’re accessing all the support the DWP can provide.”
Who is eligible for the £301 cost of living payment?
In order to be considered eligible for the first Cost of Living payment, you must have received payment for one of the following payments between January 26 and February 25, 2023:
- Universal Credit
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
Jeremy Hunt, Chancellor of the Exchequer, added: “I know that times are tough, which is why a key focus of the Spring Budget was supporting people with the cost of living and helping people into well-paid work.
“Not only are we providing £900 in direct cash payments to millions of the most vulnerable households, we’ve also extended the Energy Price Guarantee to hold bills down until energy prices fall, raised the National Living Wage to £10.42, put an end to the prepayment meter premium and delivered a plan that will more than halve inflation this year – ensuring everyone’s incomes go further.”
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