Cost of living payments worth up to £1,350 to be issued to millions in 2023 | Personal Finance | Finance
Rising bills and inflation are hitting families hard, and many low-income individuals are struggling to make ends meet. In efforts to help, the Government has announced a new round of support measures designed to help those with a low income.
These individuals will get up to £1,350 from the Government from spring 2023 onwards.
A new £900 cash boost for over eight million eligible means-tested benefit claimants has been unveiled.
This will include Britons on Universal Credit, Pension Credit and tax credits.
The £900 boost will be split into three payments over the course of the financial year, and go straight to bank accounts without the need to claim.
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Britons can expect the following:
- First cost of living payment – £301 – during spring 2023
- Disability payment – £150 – during summer 2023
- Second cost of living payment – during autumn 2023
- Pensioner payment – £300 – during winter 2023/4
- Third cost of living payment – £299 – during spring 2024.
Chancellor Jeremy Hunt said: “I know these are tough times for families across the UK who are struggling to meet rising food and energy costs, driven by the aftershocks of COVID-19 and Putin’s war in Ukraine.
“That’s why we’re putting a further £900 into the pockets of over eight million low income households next year.
“These payments are on top of above inflation increases to working-age benefits and the Energy Price Guarantee, which is insulating millions from even higher global gas prices.
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Those who are eligible will be paid automatically, with no need to apply for any individual payment.
Claimants eligible for any cost of living payment alongside tax credits, but o other means-tested benefits, will receive a payment from HMRC.
This will occur shortly after the DWP payments are issued.
Mel Stride, work and pensions secretary, added: “We are sticking by our promise to protect the most vulnerable and these payments, worth hundreds of pounds, will provide vital support next year for those on the lowest incomes.
“The Government’s wider support package has already helped more than eight million families as we continue to deal with the global consequences of Putin’s illegal war and the aftershocks of the pandemic.”