Exact dates you’ll receive first cost of living payments revealed

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Exact dates you’ll receive first cost of living payments revealed

Millions of Brits will receive the first of three cost-of-living payments from the government next month.  The first £301 installment of the

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Millions of Brits will receive the first of three cost-of-living payments from the government next month.  

The first £301 installment of the £900 cost-of-living payment will be made to households on certain benefits. 

The Department for Work and Pensions (DWP) confirmed the payments, which will ‘benefit more than eight million households’. 

The measures come in an attempt to help people with the soaring cost of living, which is continuing to rise.

Anyone eligible for the tax-free payment does not need to do anything to receive it, with it going into their bank account automatically. 

Which benefits qualify people for the latest cost-of-living payment? 

  • Universal Credit
  • Income-based Jobseekers Allowance 
  • Income-related Employment and Support Allowance 
  • Income Support
  • Working Tax Credit 
  • Child Tax Credit 
  • Pension credit

 

Millions of Brits will receive payments from the government next month to help with the cost of living

Millions of Brits will receive payments from the government next month to help with the cost of living

Millions of Brits will receive payments from the government next month to help with the cost of living 

The payment will be made between 25 April and 17 May. 

People who have received any of the qualifying benefits between 26 January and 25 February are entitled to the payment. 

The DWP said those on tax credits only will receive their payment from HMRC after the DWP payments begin. 

The government department have not specified an exact date for when the payments will be made.

Those receiving the £301 payment from the DWP, will see it appear in their bank account as ‘DWP COLP’ accompanied by their National Insurance (NI) number.

For example, if their NI number is JT 83 42 97B, the payment will read as ‘DWP COLP JT 83 42 97B’ on your statement.

The £301 payment is the first of three that will be made. 

The remaining two, worth £300 and £299, will be made this autumn and in spring 2024 respectively.

Those eligible for the payment will receive a total of £900. 

This follows the £650 cost-of-living payment made to over eight million people in 2022. 

Mel Stride, secretary of state for Work and Pensions, stated: ‘These payments will give a financial boost to more than eight million households as we continue to wrap our arms around the most vulnerable, while the best way we can protect people from high costs is to halve inflation by the end of this year.’ 

Chancellor Jeremy Hunt (pictured) has said supporting people with the cost of living will be a key focus of the Spring Budget

Chancellor Jeremy Hunt (pictured) has said supporting people with the cost of living will be a key focus of the Spring Budget

Chancellor Jeremy Hunt (pictured) has said supporting people with the cost of living will be a key focus of the Spring Budget 

Chancellor Jeremy Hunt added: ‘I know that times are tough, which is why a key focus of the Spring Budget was supporting people with the cost of living and helping people into well-paid work.’

The payment comes in addition to ones which will be made available to pensioners and those with disabilities later this year. 

More than six million people will receive a £150 disability cost-of-living payment this summer.

Pensioners will also be entitled to a £150 or £300 cost-of-living payment from November this year. 

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