The Department for Work and Pensions (DWP) will start to make the first of two payments which make up the £650 means-tested Cost of Living Payment financial support package from this week. Most eligible claimants who are in receipt of certain benefits will be paid £326 between July 14 and 31.
One of the seven qualifying benefits, Pension Credit, is a ‘passport’ benefit aimed at supporting people over State Pension age on a low income by providing up to £3,300 each year, on average, in financial support. It also acts as a ‘gateway’ to Council Tax, housing and NHS discounts along with free TV Licences for the over-75s.
The qualifying period for the first part of the £650 cost of living payment was in May, however, Pension Credit is a retrospective benefit which means it can be backdated three months at the point of claim. The DWP has now confirmed that older people who apply for Pension Credit before August 24, 2022 - whose claim is later successful - will be eligible for the full £650 payment.
