When will the second cost of living payment be paid?
Millions of low-income households across the UK will see a payment of £324 in their bank accounts from today (Tuesday 8 November). The cash increase is the second installment of the £650 cost of living payment as part of a series of measures announced by the Government earlier this year to help tackle the cost of living crisis.
The cost of living payment is paid to people on certain benefits, including Universal Credit and older ‘inherited’ benefits such as income-based Jobseeker’s Allowance, Pension and Employment Credit. child tax. If you’re eligible, you don’t have to do anything to receive payment – and people are being warned to be vigilant of scammers urging them to apply via text or email.
The payment reference on your bank account should be your national insurance number followed by “DWP COL”. For HMRC payees, the payment reference will read “HMRC COLS”.
The first installment of the cost of living payment, which was £326, was paid to eligible people from July 14. The second installment is paid from today and should arrive before November 23rd.
If you live in an eligible household but receive tax credits and no other means-tested benefits, you should receive your second cost-of-living allowance from 23 November and no later than 30 November. DWP (Department of Work and Pensions) said that in a small minority of cases there could be a slight delay in payments.
The comprehensive government support package also includes a £400 energy support grant to help with soaring energy costs over the winter, which is paid to home energy customers in installments of around £60 each months by March. More than eight million pensioner households eligible for winter fuel payments will also receive an additional £300 boost.
Chancellor Jeremy Hunt said: “We have taken decisive action to reduce energy bills this winter and have provided hundreds of pounds of cash support to every vulnerable household. As part of this support, more than eight million vulnerable households – almost a quarter of families in the UK – will automatically receive a second cost of living payment worth £324 into their bank account from today.
“And while we cannot fully protect people from rising prices, my priority in the upcoming autumn statement will be to protect the poorest in society as we make the tough decisions needed to fix our public finances. .”
Who is eligible for the cost of living payment?
A household may be eligible for the £650 cost of living payments if they receive one of the following benefits:
- Universal Credit
- Income-Based Jobseeker’s Allowance
- Employment and Income Support Benefit
- Income support
- Labor tax credit
- Child tax credit
- Pension credit