Time is running out for eligible pensioners to receive £301 from the UK Government’s 2023/24 cost of living support package, warns Independent Age, the national older person’s charity. The £900 cost of living payment announced last year will be made in three instalments and is for households on many means-tested benefits including Pension Credit, the income top-up for older people on a low income.
The Department for Work and Pensions (DWP) recently confirmed that if eligible older people make a claim for Pension Credit before Friday May 19, they will be able to backdate it by the maximum of three months, taking it to within the qualifying period for the £301 payment. However, it’s important to note that only successful applicants will receive the cost of living payment along with Pension Credit arrears.
Pension Credit is a form of financial support that tops-up the income of people over the State Pension age who fall below a minimum income threshold. It can be worth over £3,500 per year on average, the equivalent to £60 a week.
