Cost of living payment worth £301 to be issued from today

From today, over eight million households can expect to receive a vital cost of living payment. This is the first instalment of help and will be worth some £301 in an important financial boost.

Claimants will not have to do anything, as the payment should be issued automatically.

They can, however, check if it has arrived in their bank accounts as the reference should be their National Insurance number followed by ‘DWP COL’.

This represents the first of up to three payments for eligible individuals.

The payments are being handed out to individuals who are on means-tested benefits.

This includes:

  • Universal Credit
  • Pension Credit
  • Tax Credits
  • Income-based Jobseeker’s Allowance
  • Income-related Employment and Support Allowance
  • Income Support.

Throughout 2023/24, eligible people can expect to get £900 total worth of support.

These payments will also be accompanied by a £150 pay out to those on eligible disability benefits.

In addition, a £300 payment will be provided to eligible pensioners on top of their Winter Fuel Payment at the end of this year.

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Mel Stride, secretary of state for work and pensions, 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.”

Those entitled to a payment through the DWP can expect to be paid first.

Once the majority of these people are paid, the Government states HMRC will make payments of £301 to one million eligible families who receive tax credits only.

These payments should be expected by Britons between Tuesday, May 2 and Tuesday, May 9.

The banking reference for these payments will be: ‘HMRC COLS’.

Payments will be made automatically, however, it is important Britons check their eligibility.

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People must be receiving one of the eligible qualifying benefits during the specified period to qualify.

If a person wishes to check their entitlement to benefits, they can do so via the Government’s website.

Low-income pensioners have also been particularly urged to check their eligibility for Pension Credit.

This is because a successful backdated application by May 19, 2023 could mean they are still able to receive the £301 cost of living payment.

All payments are tax-free, and will not have any impact on the benefits others may receive.

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