The Government has announced there will be more cost of living payments coming this year.
Cost of living payments have been a lifeline for many households in the last year and more payments are coming throughout 2023 and 2024. The help from the Government comes as supermarket prices have shot up and energy bills are astronomical compared to what they used to be.
The Mirror reported that inflation rates are currently at 10.5% and the Bank of England predicted to raise interest rates again next week. The Energy Price Guarantee is also set to rise from £2,500 a year for the typical household to £3,000 from April.
READ MORE: Not everyone on Universal Credit will get the new £301 cost of living payment
If you're worried about soaring costs, here is what we know so far and when payments are expected to drop into bank accounts.
How much will the cost of living payments be?
There will be another cost of living payment for people on means-tested benefits and the amount to be awarded will be higher compared to last year. Households who are eligible will receive £900, split over three payments, compared to the previous £650 cost of living payment they received in 2022.
The Government has also announced another £150 payment for over six million disabled people and another £300 for over eight million pensioners. The £300 pensioner payment will be delivered on top of their Winter Fuel Payments.
Who will get the next cost of living payments?
The Government says that eight million people on means-tested benefits will receive the extra financial help. This was the same figure as the first £650 payment. You should receive the money if you claim:
- Income-based jobseeker’s allowance
- Income-related employment and support allowance
- Income support
- Pension credit
- Tax credits (child tax credit and working tax credit)
- Universal Credit
However, the Government has not revealed the "qualifying window" for when you need to be claiming these benefits by. To get the £150 disability payment, you'll need to be claiming:
- Adult disability payment (in Scotland)
- Armed forces independence payment
- Attendance allowance
- Child disability payment (in Scotland)
- Constant attendance allowance
- Disability living allowance
- Personal independence payment
- War pension mobility supplement
Again, we don't know if there will be a "qualifying window" during which you need to have been in receipt of these benefits. The £300 pensioner cost of living payment will be awarded to anyone who gets Winter Fuel Payments.
When will the next cost of living payments be paid?
Exact payment dates have yet to be announced by the DWP, but they have provided a rough guideline.
- £301 – First Cost of Living Payment – during Spring 2023
- £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
The DWP says the exact payment windows will be announced closer to the time. We will update readers when we have exact payment dates for the money. The Government has confirmed that the payment will be made automatically and if you are eligible you do not need to apply for it.
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