Millions of struggling households, pensioners and people with disabilities will receive more cost of living payments next year, the government has confirmed. The payments are part of a wider package of support in 2023-24, which is worth £26 billion, aimed at helping the most vulnerable people as inflation and energy bills continue to rise.
The latest support, which were confirmed by Jeremy Hunt during his autumn statement address to the Commons yesterday (November 17), follow on from cost of living payments provided this year. The Chancellor confirmed people on means-tested benefits will receive a £900 payment in 2023/24 - £250 more than than this year.
Pensioners will receive £300 and people on disability benefits will get £150, the same amounts as this year. But Mr Hunt did not confirm exactly when the payments would be made, reports the Daily Record.
READ MORE: Who gets the new £900, £300 and £150 cost of living payments
A government document states that "further detail on timing of these payments and eligibility dates" will be provided "in due course". Money guru Martin Lewis has shared his thoughts on when people might get the cash boosts during a 10-minute video reacting to the autumn statement announcement.
The Money Saving Expert founder said: "My guess, and it’s only a guess, is that they will be put in place in time for next winter. So those payments will come sometime, probably around October, September.”
He added that the £900 payment will most likely be made in two instalments, as it was this year. The government document confirms that particular cost of living payment wouldn't be paid as a single lump sump, saying it will be made "in more than one installment".
Eligible people on means-tested benefits received this year's payment of £650 in two instalments. They got £326 in the summer, with the remaining £324 being paid out this month.
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