Further Information on the £299 Cost of Living Payment for 2024
The Department for Work and Pensions (DWP) has recently released more details about the upcoming round of cost of living assistance payments in the UK. Means-tested benefit claimants, including those receiving tax credits, Universal Credit, and Pension Credit, will start receiving the payment in the spring. The payment will be made in three direct bank account deposits throughout the fiscal year. Low-income households in the UK have already begun receiving a second £300 Cost of Living Payment.
The DWP will directly deposit the money into the bank accounts of eligible individuals who receive certain benefits, such as Universal Credit. This tax-free cash is available to over 7.9 million households and does not affect the benefit ceiling.
£299 Cost of Living Payment Before Spring 2024
The final payment of the Cost of Living Payment for 2023 is set to be made in the spring of 2024, totaling £299. The DWP has already made the initial payments for the second low-income cost of living increase for 2023. Over 7.9 million disadvantaged households in England have received the Cost of Living Payment for 2023, as the UK is facing high energy costs and inflation rates of 6.7% in September.
The qualified recipients will receive a total of £900, distributed in three installments. The first payment of £301 was made in April and May, and the second payment is already in people’s bank accounts. The final £299 Cost of Living Payment for 2024 will be deposited in March or April 2024.
DWP £299 Cost of Living Payment 2024 Details
Name of Department: Department for Work and Pensions (DWP)
Beneficiaries: Elderly citizens of United Kingdom
Date of £299 Cost of Living Payment 2024: March/April 2024
Category: Government Aid
Installments: Three (£301, £301, and £299)
Official Website: uk.gov
Seniors in UK Will Get £299 Payment Starting From March 2024
To address financial challenges faced by millions of households, the UK government will provide further assistance in 2024. This comes after the previous two payments for the Cost of Living Payment in 2022, which had a total value of £650.
The initial payment of £301 for 2023 was made between April 25 and May 17. The remaining £300 was paid in two installments, on October 31 and November 19. The third and final installment of £299 will be made in spring 2024. Eligible individuals who receive means-tested benefits such as Universal Credit, Pension Credit, income-based JSA, income-related ESA, income support, and tax credits (CTC and WTC) will be covered by this payment.
Cost of Living Payment 2024 Eligibility
The Cost of Living Payment will be automatically shared with eligible individuals. There is no need to apply or contact HMRC or DWP if you qualify. The payment will be made separately from regular benefit payments. To be eligible for the Cost of Living Payment in 2024, you must have been entitled to or subsequently determined to be entitled to any of the following:
- Universal Credit for the evaluation period ending between August 18, 2023, and September 17, 2023.
- Income-based Pension Credit, income-related ESA, income support, or JSA on any day between August 18, 2023, and September 17, 2023.
- Tax credits recipients must have received a payment of tax credits on any day between August 18, 2023, and September 17, 2023.
DWP Update on Extra COL Payments in 2024 as £299
The UK government has provided financial support to millions of individuals this year to help with the rising cost of living. The DWP has been distributing Cost of Living Payments to eligible families throughout the fiscal year. The total value of these three payments is up to £900. The first payment of £301 was made in April and May, followed by a second payment of £300 in October and November.
The DWP has not yet announced the release date for the £299 Cost of Living Payment in 2024, which is expected to occur in spring 2024. This additional funding aims to assist low-income families facing financial issues due to increasing living expenses.
Cost of Living Payments 2024 Important Dates
The following are the important dates for the DWP Cost of Living Payments in 2024:
- If you receive DWP benefits, £301 was paid between April 25, 2023, and May 17, 2023.
- If you only receive tax credits, £301 was paid between May 2, 2023, and May 9, 2023.
- A £300 payment was made if you receive DWP benefits between October 31 and November 19.
- If you only receive tax credits, a £300 payment was made between November 10 and 19.
- A £299 payment will be made to eligible individuals in spring 2024.
References:
- Homepage: matricbseb.com
- State Pension UK
- Attendance Allowance UK
- Tax-Free Childcare
- Personal Tax Allowance 2024/25
