The Department for Work and Payments (DWP) announced a payment date schedule for the brand new cost of living payments.
Following this, Martin Lewis has predicted the exact time the money will hit people's bank accounts. These cash boosts - specifically the £900 payment - will be split into three instalments, and will be paid between the Spring of 2023 and Spring of 2024.
This boost is available to people who claim any of the following benefits:
- Universal Credit
- Income Support
- Child Tax Credit
- Working Tax Credit
- Pensions Credit
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
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As well as the £900 cost of living payment, there will be two other cash boosts paid to those on disability benefits, and pensioners who are on a low income. These separate payments - of £300 and £150 - will be given out to people to ease their financial strains throughout the new year.
The new £900 cost of living payment schedule for 2023 is said to be as follows:
- First Cost of Living Payment - £301, Spring 2023
- Second Cost of Living Payment - £300, Autumn 2023
- Third Cost of Living Payment - £299, Spring 2024
Following the announcement, Martin Lewis posted what he reckons will be the exact dates for these payments to drop into bank accounts in 2023 and 2024. Speaking on Twitter, Martin said: "UPDATE: On the £900 cost of living payment for 8m on means-tested benefits. It'll come in 3 instalments - £301 'Spring' 23 (as its for the next tax year, it'll be after 6 April) - £300 'Autumn' 23 (I'd guess Oct/Nov) - £299 'Spring' 24 (I'd guess before tax year ends on 6 April)"
According to the financial guru, each payment could be paid on the following dates:
Confirmation on any exact dates is yet to be announced, but the DWP will publish updates nearer the time. Those who are eligible need not apply as the money will be paid automatically.
The Department for Work and Pensions (DWP) website will be updated regularly with information regarding these payments.
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