Cost of living: Finance expert shares budgeting tips on GMB
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This offering is part of the Government wider £650 cost of living payment for those on means-tested benefit payments from the Department for Work and Pensions (DWP). The first £326 of this initiative was rolled out earlier this summer but now families have started to get the remaining £324. According to the DWP, £2.3billion has been paid out to over 99 percent of eligible claimants across the UK since the beginning of the rollout last Tuesday.
A further one million households in receipt of tax credits will start getting their £324 cost of living payment next week between November 23 and November 30.
Anyone who has not yet claimed their payment should not be concerned because the Government department expects some payments could take until November 23 to be processed.
Following this date, a GOV.UK page will be made available for reporting missing cost of living payments.
At this point, the DWP will start processing claims to ensure outstanding payments reach those eligible as soon as feasibly possible.
In order to be eligible for the cost of living payment, Britons must have been entitled to one of the qualifying benefits between August 26 and September 25
An exception to this rule is certain older households, who may be able to have a new Pension Credit claim backdated.
Pensioners have until December 18 to submit a valid claim for Pension Credit, which could also make them eligible for the £324 Cost of Living Payment.
Older households can check their eligibility for Pension Credit using the Government’s online calculator or by calling the freephone claim line via 0800 99 1234.
For anyone enquiring about their eligibility for this cost of living payment, here is a full list of the qualifying benefits:
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income Support
- Universal Credit
- Working Tax Credit
- Child Tax Credit
- Pension Credit.
Mel Stride, the Government’s Work and Pensions Secretary, outlined why the Government has issued this cost of living support.
He explained: “This Government promised to protect those on the lowest incomes, and it is great to be able to confirm today that we have delivered on this commitment with our latest cost of living payment reaching over seven million households in the last week alone.
“This payment is just part of a wider support package the Government has provided, with millions of families benefiting from a Council Tax rebate and pensioners across the country receiving winter fuel support as the weather gets colder and disabled people getting help with additional costs they face.
“We will continue to support the most vulnerable as we deal with the impact of Putin’s illegal war in Ukraine and the aftermath of the pandemic.”
The new Chancellor of the Exchequer Jeremy Hunt added: “We know families are struggling with the rising prices caused by Putin’s illegal invasion of Ukraine.
“That is why we’ve delivered over seven million cash payments directly into the bank accounts of the most vulnerable households in just one week and will make over a million more to those on tax credits later this month.
“This is part of the £1,200 cash support we’re giving to the poorest members of society during this difficult period.
“At the upcoming Autumn Statement we will continue to prioritise helping the most vulnerable, as we make the tough decisions needed to drive down inflation and fix our public finances.”
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