Millions of those hardest hit by the cost-of-living crisis will receive a payment by the middle of May.
Suffering Brits in low-income households are starting to receive the latest financial support to tackle skyrocketing bills.
The payments come amid debilitating rises in the cost of food, with prices soaring at their fastest rate for 45 years.
Cost-of-living payment latest news
Earlier this week, the Bank of England’s chief economist Huw Pill urged Brits to accept they are now poorer than previously.
The cost of household shopping at the supermarket is one factor that has ensured inflation remains high in the UK. Additionally, the typical energy bill remains at £2,500 a year.
And so eight million means-tested benefits claimants, including people on Universal Credit, will receive a new £301 payment.
The payment will be distributed by May 17, with further sums expected in the autumn and next spring. All of the payments will be transferred automatically to those eligible. Two payments totalling £650 were made last year to assist with after the cost of gas and electricity went through the roof.
Who will receive the cost-of-living payment?
To qualify for a cost-of-living payment, people must receive one of the following:
– Universal Credit
– Income-based Jobseekers Allowance
– Income-related Employment and Support Allowance
– Income Support
– Working Tax Credit
– Child Tax Credit
– Pension Credit.
Claimants will need to have been entitled to a payment for one of these benefits between January 26 and February 25 2023, or payment for an assessment period ending between these dates.
Additionally, low-income pensioners who are eligible for, but not claiming Pension Credit, can still qualify for the cost-of-living payment if they make a successful backdated Pension Credit application by Friday May 19.
Furthermore, over six million people with disabilities will get an extra £150 during the summer.
How is the cost-of-living payment paid?
A claim is not required for the latest £301 payment, which will be paid directly into bank accounts. Subsequent instalments later this year and in early 2024 will be for £300 and £299.
The payment reference for bank accounts will be the recipient’s National Insurance number, followed by ‘DWP COL’.
For more information, read this guidance at gov.uk.
Read more: Price of supermarket own brand groceries soars by 13.5% amid ongoing cost-of-living crisis
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