As inflation and the soaring cost of day-to-day life continue to put pressure on families across the nation, millions of eligible Brits are about to receive the second instalment of their 2023/2024 Cost of Living Payments in the coming weeks.
The support payment instalment is expected to be made directly to recipients sometime in the autumn, with the hope of easing the burden on the most vulnerable, low-income households.
This payment will appear in recipients’ bank accounts under the reference code DWP COL, which is sure to raise the question: what does DWP COL mean?
Here is a comprehensive look at the cost-of-living grant.
What does DWP COL mean on your bank statement?
If you notice DWP COL on your bank statement, you should know that this is the Cost of Living Payment the Government has granted.
The abbreviation stands for “Department for Work and Pensions, Cost of Living”.
The reference on the payment will also include your National Insurance number.
How much is a Cost of Living Payment instalment?
This autumn, those who are eligible are set to receive a £300 instalment of the grant.
By the end of the year, they will have received £900 across three instalments from the Government, which they can use to ease the financial pressures placed on them by the current economic conditions.
The grant is an extension of the £650 grant issued last year.
Millions in receipt of a qualifying DWP benefit will soon receive the second #CostOfLivingPayment for 2023/24, worth £300
— Department for Work and Pensions (@DWPgovuk) September 20, 2023
Payments are automatic and will be made between 31 Oct and 19 Nov
Find out what support is available to you https://t.co/gx77HJcCAx#HelpForHouseholds pic.twitter.com/LiVNvbtPfw
When will the Cost of Living Payment instalment be made?
The autumn instalment of the Cost of Living Payment is scheduled to arrive between October 31 and November 31 for most people.
As payments are due to be staggered over the weeks, recipients are advised to not be alarmed if they have to wait until the end of November for it.
Can I apply for a Cost of Living Payment?
Cost of Living Payments are made automatically, without anyone needing to apply.
The Government gauges who is eligible for the bumper payment and automatically sends it.
Those who are on Universal Credit, income-based Jobseekers’ Allowance, income-based Employment and Support Allowance, Income Support, or Pension Credit will be eligible to receive it.
