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New cost of living payments for millions

The Department for Work and Pensions has announced more details on the next round of cost of living payments for those on low incomes.

Cost of living support was announced as part of the Autumn Statement, with the cost of living crisis looming and threatening communities as the nation approached the winter. Following payments being made to over eight million people over the course of 2022, the government has now shared more details on the schedules for the next round of support for households that are living on low incomes.

The cash boost will see £900 being offered to over eight million households that are eligible, including those on Universal Credit, Pension Credit and tax credits. These payments are to begin in the spring of 2023 and will be sent directly to people’s bank accounts in three payments over the course of the year.

These payments will also be supported by £300 for pensioners on top of their Winter Fuel Payments and a separate £150 for over six million people living with disabilities.

Mel Stride, Work and Pensions Secretary, said:

“We are sticking by our promise to protect the most vulnerable and these payments, worth hundreds of pounds, will provide vital support for those on the lowest incomes.”

Chancellor of the Exchequer Jeremy Hunt added:

“I know these are tough times for families across the UK who are struggling to meet rising food and energy costs, driven by the aftershocks of Covid…

“That’s why we’’re putting a further £900 into the pockets of over eight million low income households next year. These payments are on top of inflation increases to working-age benefits and the Energy Price Guarantee, which is insulating millions from even higher global gas prices.

“Tackling inflation is this government’s number one priority and is the only way to ease the strain of high prices, drive long-term economic growth and improve living standards for everyone.”

The government is set to announce the exact payment windows closer to the time, however these will be spread across a longer period to ensure that consistent support is offered throughout the year. Generally, they will be as follows

  • First Cost of Living Payment of £301 - Spring 2023
  • Disability Payment of £150 - Spring 2023
  • Second Cost of Living Payment of £300 - Autumn 2023
  • Pensioner Payment of £300 - Winter 2023/24
  • Third Cost of Living Payment of £299 - Spring 2024

As with the 2022 payments, there is to be no need to apply for the payments as, if people are eligible for the payments, they will be sent directly to them. These payments are building on the government’s existing, extensive package of support that is helping households to tackle the cost of living crisis.

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