New cost of living payments are set to help millions of households across the UK this year as part of the government's support package to ease the current financial pressures. Three payments totalling £900 will be paid directly into bank accounts, starting from spring 2023.
Those eligible, thought to be around eight million people, include those claiming benefits such as Universal Credit, tax credits and Pension Credit. The funds from the Department for Work and Pensions (DWP) come as a separate amount will be awarded to more than six million people with disabilities and more than eight million pensioners - who will receiver £150 and £300 sums respectively - in addition to their winter fuel payments.
Following the unveiling of the cost of living support's payment schedule during the Chancellor's Autumn Statement in November, the DWP will be announcing exact payment dates closer to the time, LancsLive reports. But here is all the latest information from DWP, including amounts, estimated dates and more.
Read more: DWP: £691 monthly payments for millions on PIP and Disability Living Allowance from April
Spring 2023 cost of living payment
- Those eligible will get £301 into their bank accounts as the first cost of living payment in spring 2023
- Spring tends to begin in March and last through until June
- This means that payments could land at anytime throughout this time with the DWP giving more details closer to the time
Rest of cost of living payments for 2023/2024
- £150 – Disability Payment – during summer 2023
- £300 – Second Cost of Living Payment – during autumn 2023
- £300 – Pensioner Payment – during winter 2023/4
- £299 – Third Cost of Living Payment – during spring 2024
Chancellor of the Exchequer, Jeremy Hunt said at the time of the announcement: "I know these are tough times for families across the UK who are struggling to meet rising food and energy costs, driven by the aftershocks of Covid and Putin’s war in Ukraine. That’s why we’re putting a further £900 into the pockets of over 8 million low income households.
"These payments are on top of above inflation increases to working-age benefits and the Energy Price Guarantee, which is insulating millions from even higher global gas prices. Tackling inflation is this government’s number one priority and is the only way to ease the strain of high prices, drive long term economic growth and improve living standards for everyone."
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