The UK has been suffering from a cost-of-living crisis since late 2021 and millions of households are struggling to keep up with bills, many living from paycheck to paycheck. As a result, the Government has implemented several schemes to help out those most in need.
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The Department for Work and Pensions (DWP) is the one responsible for handing out benefits in the UK and has been the one handling the cost of living payments since it was first launched in May 2022.
The next cost of living payment for the new year has been announced by the Government, who is eligible and when will it be paid?
The Government is handing out £299
As reported by Express, the DWP is handing out £299 in the new year to help with the ongoing cost of living crisis. Those eligible will receive the payment in February, as announced by the Government.
Around 8 million households are eligible for the cost of living payment, which is split into three separate payments worth £900 in total. The payments will be received between February 6 and February 22. This is the third and final cost of living payment.
Mel Stride, Secretary of State for Work and Pensions, said:
We will always protect the most vulnerable, while ensuring fairness for the taxpayer.
Chancellor Jeremy Hunt added:
Inflation has halved, but I know some families are particularly vulnerable to cost-of-living pressures, which is why these payments are so important.
Who is eligible for the cost of living payment?
The DWP has urged all low-income pensioners who aren’t currently receiving Pension Credit to check to see if they are eligible as they could still be entitled to the cost of living payment in February 2024.
As per BBC News, low-income people who are receiving benefits such as universal credit are entitled to the cost of living payment.
As this is the last instalment of the cost of living payment, some charities are concerned as the Government hasn’t announced any new schemes to help. However, according to BBC News, the Government is planning a 6.7% rise in benefits and an 8.5% rise in the state pension.
The Government is also planning to increase the financial support given to those on benefits who also rent privately, which will come into effect in April 2024.
Read more:
⋙ You could get a £150 discount on your energy bills thanks to this new scheme
⋙ £750 in cost of living payments: When are they coming and are you eligible?
Sources used:
Express: ‘DWP payment of £299 to help millions with cost of living in New Year confirmed’
BBC News: ‘Cost-of-living payment date set for February’
