Millions to receive new Cost of Living Payment in May – MoneyMagpie
3rd Apr 2023
Cost of living payment update: Over 8 million families in the UK will continue to receive direct financial support from Government, with the first of five Cost of Living Payments – worth £301 – hitting bank accounts between Tuesday 2 and Tuesday 9 May 2023
Over 8 million families in the UK on means-tested benefits will automatically receive £301 this Spring, and over 6.5 million people on disability benefits in the country will receive a £150 payment this summer.
Work and Pensions Secretary, Mel Stride says, “These direct payments will help people right across the UK over this year and the start of the next, as we continue to provide consistent, targeted and substantial support for the most vulnerable.
Our wider support package, including the Energy Price Guarantee, will ensure every household is being helped through this challenging period of high inflation, caused by Putin’s illegal war and the aftershocks of the pandemic.”
Exact payment windows and qualifying periods for eligibility will be announced in due course, but are designed to ensure a consistent support offer throughout the year. Payment windows will be broadly as follows:
- £301 – First 2023/24 Cost of Living Payment – during Spring 2023
- £150 – 2023 Disability Payment – during Summer 2023
- £300 – Second 2023/24 Cost of Living Payment – during Autumn 2023
- £300 – 2023 Pensioner Payment – during Winter 2023/4
- £299 – Third 2023/24 Cost of Living Payment – during Spring 2024
There are several benefits that could make claimants eligible for the £301 Cost of Living Payment, including Universal Credit and tax credits – through which 5.4 million households across the UK are expected to qualify, and Pension Credit, through which 1.4 million pensioner households are expected to be paid. 1.3 million will be eligible through legacy DWP benefits such as Jobseekers Allowance and Income Support, reaching a total of 8.1 million households.
For more information go HERE.
Also find out if you are eligible for this £1200 here.