When will you receive the cost of living payments?

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When will you receive your cost of living payments?

In the Autumn Statement, Chancellor Jeremy Hunt unveiled cost of living help which will be paid to millions across the UK. People are in line to receive up to £1,350 directly into their bank accounts from spring 2023. Now, the key dates for receiving these payments have been announced. 

The cost-of-living payments announced by Mr Hunt include a £900 sum for those on benefits, £300 for pensioners and £150 for those with disabilities. It is unlikely that households will qualify for all three payments. However, if you do, you will automatically be paid the full amount of £1,350. 

If you claim pension credit, attendance allowance and are eligible for the winter fuel payment, you will receive the amount in full, directly into your bank account. You do not need to ask for the help – the Department for Work and Pensions (DWP) will get in touch with you. 

Eligibility requirements, bank codes to look for on your bank statement and exact dates for the payments will be announced nearer to spring time. All payments are tax-free and do not count toward your benefits cap. This means it will not have an impact on the benefits you receive. 

 

Spring

From spring of this year, the first £300 of the £900 cost of living payment will be paid directly into claimants’ bank accounts. The payment will be split into three instalments. Over eight million people will receive this into their bank accounts. 

To be eligible, households must be claiming at least one of the following benefits: 

  • Income-based Jobseeker’s Allowance 
  • Income-related Employment and Support Allowance 
  • Income Support 
  • Pension Credit 
  • Tax Credits (Child Tax Credit and Working Tax Credit) 
  • Housing Benefit 
  • Council Tax Support 
  • Social Fund (Sure Start Maternity Grant, Funeral Payment, Cold Weather Payment) 
  • Universal Credit 

 

Summer

Over six million people with disabilities across the UK will receive a payment of £150 during the warmer months. As of yet, it is unknown what the exact eligibility criteria will be. However, the previous £150 cost of living payments were available to those receiving at least one of the following: 

  • Attendance Allowance 
  • Constant Attendance Allowance 
  • Disability Living Allowance for adults 
  • Disability Living Allowance for children 
  • Personal Independence Payment 
  • Adult Disability Payment (in Scotland) 
  • Child Disability Payment (in Scotland) 
  • Armed Forces Independence Payment 
  • War Pension Mobility Supplement 

Autumn

As the weather turns chilly again, the second third of the £900 payment will be paid to those eligible. The second chunk is also worth £300. Exact dates to be released in due course. 

 

Winter

Across the UK, millions of pensioners will receive another £300 payment. It is still unknown whether households will qualify for this payment if they usually receive the Winter Fuel Payment. 

Previously, you qualified for the last Pensioner Cost of Living payment if: 

  • You were born on or before September 25, 1956 
  • You lived in the UK for at least one day during the week of 19 to 25 September 2022 in what is known as the “qualifying week” 

 

Spring 2024

Next spring – although it seems a lifetime away – the final instalment of the £900 payment will be paid. This will be £299. 

Further details for qualifying criteria will be announced nearer the time, according to the DWP. 

The post When will you receive the cost of living payments? appeared first on MoneyMagpie.

Original source: https://www.moneymagpie.com/make-money/when-will-you-receive-the-cost-of-living-payments

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