The Department for Work and Pension (DWP)'s Cost of Living payments have been a lifeline for some households in the last year. As the price of food and fuel skyrocketed the nation's budgets were squeezed. While petrol prices are slowly coming down, the price of other goods, services and gas continue on their upward trend.
In 2023, more Cost of Living payments are expected, however, there are some charges in store. Here's what we know so far and when payments are expected to drop into bank accounts.
According to a report in Nottinghamshire Live sister publication, Manchester Evening News, millions of people on means-tested benefits will soon begin receiving the first instalment of the government's Cost of Living payments - worth up to £900. This is more than previously received - the figure stood at £650 in 2022.
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The report states that eight million people on means-tested benefits will receive extra support from Spring 2023. That means those eligible could be those receiving benefits such as Universal Credit, Pension Credit, and tax credits. Meanwhile, a separate £150 will be made available for over six million people living with disabilities as well as £300 for over eight million pensioners on top of their Winter Fuel Payments.
Work and Pensions Secretary, Mel Stride, was quoted as saying: "We are sticking by our promise to protect the most vulnerable and these payments, worth hundreds of pounds, will provide vital support next year for those on the lowest incomes.
"The government’s wider support package has already helped more than eight million families as we continue to deal with the global consequences of Putin’s illegal war and the aftershocks of the pandemic."
Dates for £900 worth of Cost of Living Payments
While exact dates are yet to be announced by the DWP, we know that the payments will be spread across six instalments throughout 2023 and 2024. The DWP announced the following payment dates and amounts:
- £301 – First Cost of Living Payment – during Spring 2023
- £150 – Disability Payment – during Summer 2023
- £300 – Second Cost of Living Payment – during Autumn 2023
- £300 – Pensioner Payment – during Winter 2023/4
- £299 – Third Cost of Living Payment – during Spring 2024
Chancellor of the Exchequer, Jeremy Hunt, said: "I know these are tough times for families across the UK who are struggling to meet rising food and energy costs, driven by the aftershocks of Covid and Putin’s war in Ukraine. That’s why we’re putting a further £900 into the pockets of over 8 million low income households next year.
"These payments are on top of above inflation increases to working-age benefits and the Energy Price Guarantee, which is insulating millions from even higher global gas prices. Tackling inflation is this government’s number one priority and is the only way to ease the strain of high prices, drive long term economic growth and improve living standards for everyone."
The DWP also highlighted that those eligible for the payments will be paid automatically. That means there is no need to apply. We will update readers when we have exact payment dates for the cash boosts.
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