Millions of cost of living payments are set to land in bank accounts from next week. The government is set to roll out its £324 cost of living payment to millions of people on means-tested benefits in November, the second of a financial support package worth £650 to eligible families.
The first payment - worth £326 - was given to 7.2 million eligible households earlier this summer and the latest money is part of a series of cost of living packages which include a £400 energy bills rebate, a £150 disability payment and a £300 cost of living payment for pensioners.
This week the Department for Work and Pensions (DWP) has explained why some people will receive the payment slightly later than others - and it's worth checking as you might have to wait another few days to get your money this month. Here is everything you need to know about when you'll get your £324 cost of living payment.
Read more: All the DWP payment dates between now and Christmas including £324 cost of living payment
Who gets the £324 cost of living payment?
You may be eligible for the second cost of living payment if you receive any of the following:
- Universal credit
- Income-based Jobseeker’s allowance (JSA)
- Income-related employment and support allowance (ESA)
- Income support
- Pension credit
- Child tax credit
- Working tax credit
You'll also be eligible for the payment if you get tax credits - but you'll get your money slightly later.
When will people get the £324 cost of living payment?
The government confirmed this week that millions of households across the UK will get their second instalment of the £650 cost of living payment, worth £324, by November 23. The first payments are due to land from November 8.
HM Revenue and Customs (HMRC) recently confirmed that more than one million families receiving tax credits and no other means-tested benefits will get their second cost of living payment slightly later, between Wednesday November 23 and Wednesday November 30. You will be eligible if you received, or later receive, tax credits for any day in the period from August 26 to September 25. If you get both child tax credit and working tax credit, you will receive a cost of living payment for child tax credit only. If you get tax credits from HMRC and a low income benefit from the DWP, you will get a cost of living payment from DWP only.
If you had a joint claim between August 26 and September 25, a single payment of £324 will be sent using the same payment method used between these dates, if you’re eligible.
The DWP has now shared why the payments are not being made at the same time as those for people on benefits. Former DWP minister, now the new attorney general in Rishi Sunak’s cabinet, Victoria Prentis, recently explained that payments are being made later to avoid the risk of overpayments in case someone receives two payments.
Ms Prentis said: "HMRC issues payments to people on working tax credits after the other payments have been made, to allow time to ensure those who claim tax credits as well as a means tested benefit do not receive the payment twice. This decreases the risk of overpayments to tax credits customers.”
The £324 cost of living payments will land automatically into most bank accounts - there is no need to apply. If you receive an email, text or phone call telling you that you need to claim the one-off payment, it is a scam. To get all the latest money-saving news straight to your inbox twice a week sign up here.
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