As millions of households in the UK await confirmation of their eligibility for the next round of payments, The Department for Work and Pensions (DWP) has provided more specific information on who will qualify for the first instalment of the £900 cost of living payment.
Jeremy Hunt, Chancellor of the Exchequer, added: “I know that times are tough, which is why a key focus of the Spring Budget was supporting people with the cost of living and helping people into well-paid work.
“Not only are we providing £900 in direct cash payments to millions of the most vulnerable households, but we’ve also extended the Energy Price Guarantee to hold bills down until energy prices fall, raised the National Living Wage to £10.42, put an end to the prepayment meter premium and delivered a plan that will more than halve inflation this year – ensuring everyone’s incomes go further.”
Starting from April 25th and running through May 17th, the payments will be deposited directly into recipients’ bank accounts. This timing is particularly relevant as the new tax year is beginning, and there will be several financial changes that may place additional strain on people’s finances.
Who is eligible for the £301 cost of living payment?
In order to be considered eligible for the cost of living payment, you must have received a payment (or payment for an assessment) from one of the following benefits between January 26th and February 25th, 2023:
- Universal Credit
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
It’s important to note that the payment will be made automatically through a system. So neither the DWP or HMRC will ask you to apply for cost of living payment.
