Department for Work and Pensions Confirms Payment Dates
The Department for Work and Pensions has announced that the third instalment of the £900 cost of living payment will be issued in February. Millions of households, including those on Universal Credit, will receive a £299 payment directly into their bank accounts between February 6 and February 22.
Payment Made Automatically for Eligible Households
Those eligible for the tax-free payment do not need to take any action as it will be made automatically. To qualify for the payment, individuals must have been entitled to one of several benefits between November 13 and December 12, including Universal Credit, income-based jobseekers allowance, and working tax credit.
Payment Reference and Previous Installments
Households on tax credits only will receive their payment from HMRC to avoid double payments. The payment reference for bank accounts will be the recipient's National Insurance number followed by DWP COL or HMRC COLS. This £299 payment is the final of three payments that form the £900 support. The first instalment worth £301 was paid out in April and May, followed by a £650 cost of living payment in 2022.
Government Support and Future Welfare Reforms
Mel Stride, secretary of state for work and pensions, stated that the government has delivered on its promise to halve inflation and provide financial support to ease cost of living pressures. Jeremy Hunt, Chancellor of the Exchequer, emphasized the importance of helping families by getting more people into good jobs through the Back to Work Plan.
Pensioners Encouraged to Check Eligibility
The DWP is encouraging low-income pensioners who are not already receiving pension credit to check their eligibility. Successful pension credit claims can be backdated by up to three months, potentially allowing thousands more to qualify for the final cost of living payment.
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