Key change to £299 DWP payment date means millions will get their money early

A key change to the £299 cost of living payment going out to millions of Britons next year means people will receive the funds earlier than expected.

The third and final instalment of the £900 cost of living payment was due to go out during spring 2024.

But fresh guidance from the DWP outlines that eligible Britons will now get the funds “by spring 2024”.

There are two understandings for what defines spring, with Meteorological Spring beginning at the Spring Equinox on March 1 while Astronomical Spring begins on March 20.

But using either definition, people will get their final cost of living payment earlier than previously expected.

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The Government has yet to confirm the exact dates for when the final instalment will go out to those who are eligible.

People who claim these benefits may be eligible for the £299 payment:

  • Income-based Jobseeker’s Allowance (JSA)
  • Income-related Employment and Support Allowance (ESA)
  • Income Support
  • Pension Credit
  • Universal Credit
  • Child Tax Credit
  • Working Tax Credit.

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The qualifying dates have yet to be published – this is the period during which a person will need to have claimed a relevant benefit to get the payment.

The second instalment of the cost of living payment, for £300, is set to land in people’s bank accounts from the end of this month.

Eligible people will receive the funds as a one-off payment into the same account into which their benefits are usually paid.

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It will appear as either ‘DWP COL’ or ‘HMRC COLS’ along with the claimant’s National Insurance number.

This instalment will be paid between:

  • October 31 – November 19 – for people on DWP means-tested benefits and those in receipt of tax credits who also get a DWP qualifying benefit
  • November 10 – November 19 – for people in receipt of Working Tax Credits or Child Tax Credits only.

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