The government has released the Cost of Living payment schedule which will be given to millions of low-income households.
The payments, totalling to £900, will be split into three payments starting in Spring 2023. However, some households may receive up to £1,350 from the government in 2023/24 to help with the cost of living.
The Department for Work and Pensions (DWP) highlighted that the £900 cash boost for eight million people receiving means-tested benefits - such as Universal Credit and Pension Credit - will see the payments land directly into their bank accounts. There will also be a separate £150 for over six million disabled people and £300 for over eight million pensioners in addition to their Winter Fuel Payments.
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Work and Pensions Secretary, Mel Stride said: “We are sticking by our promise to protect the most vulnerable and these payments, worth hundreds of pounds, will provide vital support next year for those on the lowest incomes. The government’s wider support package has already helped more than eight million families as we continue to deal with the global consequences of Putin’s illegal war and the aftershocks of the pandemic.”
Chancellor of the Exchequer, Jeremy Hunt added: “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 next year.
"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.”
When will the £900 Cost of Living payments be made?
According to the DWP, the payment dates are as follows:
- £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
Those who are eligible will receive the payment automatically with no need to apply. Those who are eligible for any Cost of Living payments and receive tax credits with no other means-tested benefits will receive payment from HMRC shortly after DWP payments are issued.
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