Brits have just THREE days to claim Pension Credit and receive £301 Cost of Living payment – how to check your eligibility and find out how much you could get
- Find out here if you are eligible to receive the next cost-of-living payment
People across the UK have just three days to claim the latest Pension Credit, which will be made by the government.
Eligible claimants will receive £301 from the Department for Work and Pensions (DWP) as part of the latest cost-of-living payment.
So, how exactly will those eligible receive payments from the DWP? Who qualifies for the payments? When exactly will people eligible for the payments receive them?
Read on below for everything you need to know about the latest cost-of-living payments.
Interest rates have continually been raised by the Bank of England since December 2021
When is the next cost of living payment?
The first cost-of-living payment was sent out to anyone eligible from Tuesday 25 April 2023. Whilst more than seven million households have already received the payment, the deadline for all payments to be made is Wednesday, 17 May, 2023.
However, those who put in a pension credit claim before Friday, 19 May, 2023 will be automatically entitled to the first cost-of-living payment.
This is because Pension Credit can be backdated for three months, which means the earlier qualifying period to receive the benefit is already covered.
The latest £301 payment is part of three payments totalling £900 for those on eligible means-tested benefits.
Dates for the next cost-of-living payment have not been confirmed, but are expected to be in Autumn 2023 and Spring 2024.
Who will get cost of living payments?
Households eligible for cost-of-living payments include people receiving Universal Credit, Income-based Jobseekers Allowance, Income-related Employment and Support Allowance, Income Support, Working Tax Credit, Child Tax Credit or Pension credit.
You are eligible for the first cost of living payment of £301 if you received a payment of tax credits for any day in the period 26 January 2023 to 25 February 2023, or you are later found to have been entitled to a payment for this period.
The amount of benefits you received will not count against you – even if you only received £1, you will receive this payment.
Secretary of State for Work and Pensions, Mel Stride, said the ‘latest additional payment will be welcomed by millions of families’
These payments will not be taxed, will not count towards the benefit cap, and will not have any impact on existing benefit awards.
Work and Pensions Secretary Mel Stride said: ‘This latest additional payment will be welcomed by millions of families – as will further payments due over the next year.
‘We have continually supported those most vulnerable to rising costs, including through record benefits and national living wage increases as well as these exceptional Cost of Living Payments responding to the global pressures we are facing.
‘We will also continue to deliver on our five priorities, including halving inflation, as this will ease pressure on households currently struggling with household bills and rising prices.’
Commenting on the cost-of-living payments, Chancellor Jeremy Hunt said: ‘The best thing we can do to help people’s money go further is deliver on our priorities to halve inflation and grow the economy.’
How will you receive cost of payments?
The DWP will send payments automatically and directly to recipients’ bank accounts, with a reference of their National Insurance number followed by ‘DWP COL’.
For example, if your National Insurance number is JT 83 42 97B your payment will be visible under the reference ‘DWP COLP JT 83 42 97B’ on your statement.
Chancellor Jeremy Hunt stated: ‘The best thing we can do to help people’s money go further is deliver on our priorities to halve inflation and grow the economy.
‘But we’re also here to help people through these tough times, which is why we’re holding down energy bills, freezing fuel duty, increasing Universal Credit, and giving £900 payments to low income and vulnerable families – all in part funded through windfall taxes on energy profits.’
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