More people who claim benefits or receive their pension from the Department for Work and Pensions (DWP) will see the date of their payments brought forward to today.
Money from the DWP is usually paid straight into bank, building society or credit union accounts, on a regular basis. The cash mostly lands once a month, every four weeks, or fortnightly, depending which benefit(s) you claim.
If your payment date is on a weekend or a bank holiday your payment date will move, and there are a number of bank holidays in May.
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The next bank holiday falls on Monday, May 8, and payments delivered by HMRC, including Working Tax Credit, Child Tax Credit, Child Benefit, and Guardian’s Allowance, due on that date will be made today (Friday, May 5).
The coronation of King Charles III takes place on Saturday, May 6 which will see Monday, May 8 classed as a bank holiday.
Typically, DWP payments are made when offices and lines are open and on nationally recognised bank holidays when offices are closed, payments are made on the first working day prior to the affected date. With this in mind, it is expected that any payments due on the late May Day Bank Holiday (May 29) will land in bank accounts on Friday, May 26.
While money arriving earlier may seem like a good thing, payment dates will revert to normal in June, meaning some people may have to budget accordingly.
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