The Government has unveiled new details about further cost of living support payments designed to help Britons this year, and into 2024. The Department for Work and Pensions (DWP) has already said the first payment of £301 will arrive in bank accounts this spring and will be followed by other payments during the 2023/24 financial year.
Mel Stride, work and pensions secretary, said the payments are to help people all over the UK.
They are intended to provide “consistent and substantial support” for those who require it most.
Jeremy Hunt, Chancellor of the Exchequer, added: “These payments are the next part of the significant support we are providing through this challenging time, with millions of vulnerable households receiving £900 directly into their bank accounts this financial year alongside additional help for pensioners and those with disabilities.
“This latest payment will provide some temporary relief, but the best thing we can do to help families and businesses is to stick to the plan to halve inflation this year.”
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Eligible individuals do not have to apply for the payments, as they will be made automatically.
Those eligible for cost of living payments through tax credits, and no other means-tested benefits, will be paid by HMRC shortly after DWP payments are made.
The exact payment windows and qualifying periods for eligibility are yet to be announced.
However, the Government has confirmed the 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
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Several benefits could make claimants eligible for the £301 cost of living payment.
This includes Universal Credit and tax credits, where 5.4 million households are expected to qualify.
Through Pension Credit, it is thought some 1.4 million pensioner households are likely to be paid.
Legacy benefit claimants will also be eligible, with the payment expected to reach a total of 1.3 million, here.
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In total, some eight million households across the UK could benefit from the new support measures.
From April, benefits will also rise in line with inflation, delivering a 10.1 percent boost for pensioners and those on the lowest incomes.
The National Living Wage will also benefit from its biggest ever cash rise, bringing this to £10.42 per hour.
The Government’s support package in 2022 was extensive and designed to help when energy bills reached their highest.
The help included a £650 Cost of Living Payment, split into two payments, which supported over eight million households.
In addition, over eight million pensioner households received £300 and £150 payments, while six million disabled people received £150 and £300 payments respectively.
All households in council tax bands A-D in England received a £150 Council Tax rebate.
Eligible households should have received a £400 energy bill discount, which will continue until March 2023.
