Good news! The third and final instalment of the UK government’s Cost of Living Payments is just around the corner, offering much-needed financial support to millions of households struggling with rising living costs. This final payment of £299 will be paid out between 6 and 22 February 2024, adding to the previous instalments of £301 and £300.
Who Gets the Cost of Living Payment?
To receive this payment, you must have been entitled to one of the qualifying benefits during the specific period of 13 November 2023 to 12 December 2023. Here’s a list of the qualifying benefits:
- Universal Credit
- Pension Credit
- Tax Credits (Working Tax Credit, Child Tax Credit or both)
- Income Support
- Jobseeker’s Allowance
- Employment and Support Allowance (Income-related)
- State Pension
- 6 February 2024: Payments begin for most people receiving DWP benefits.
- 16 February 2024: Payments begin for people who only receive HMRC Tax Credits (and not any other qualifying benefits listed above).
- 22 February 2024: All eligible payments should be completed by this date.
- You do not need to apply for this payment. If you are eligible, it will be automatically paid into your usual bank account where you receive your benefits.
What About Future Payments?
Currently, there are no plans for further Cost of Living Payments beyond February 2024. However, the government has made other adjustments to help with living costs, such as increases in National Insurance thresholds, state pensions, and housing support. These changes will come into effect in April 2024.
This final payment is tax-free and will not affect your existing benefits or count towards the benefit cap.
If you have not received your payment by 23 February 2024, you can report it missing on the relevant government website (GOV.UK for DWP benefits, HMRC for Tax Credits).
We hope this information helps you prepare for and receive the upcoming Cost of Living Payment. While this final instalment concludes the current initiative, remember to stay informed about other programs and resources available to support you with the rising cost of living.