Millions of households in the UK are set to receive the third instalment of the £900 cost of living payment in early 2024. The Department for Work and Pensions (DWP) has confirmed that the payment, worth £299, will be automatically credited into the bank accounts of those who qualify for the tax-free support. However, some recipients will be paid by HM Revenue and Customs (HMRC), while others will be paid by the DWP.
What to look out for in your bank account
When the payment is made into your bank account, you need to look out for specific codes to identify it. The payment reference will be your National Insurance number followed by either "DWP COL" or "HMRC COLS". For example, if your NI number is JT 83 42 97B, your payment will show up as "JT 83 42 97B DWP COLP" or "JT 83 42 97B HMRC COLP" on your bank statement.
Patience is key
It's important not to panic if you don't receive your payment immediately on February 6. The £299 payment will be distributed over a period of 17 days to more than eight million people, so it may take longer for some individuals to receive it compared to others.
A recap of previous payments
This upcoming payment is the final instalment of the £900 support. The first instalment, worth £301, was paid out to over eight million households in April and May. The second instalment, amounting to £300, was distributed from October 31 to November 19. In addition to these payments, over eight million people received a £650 cost of living payment in 2022.
Check your eligibility
The DWP is urging 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, meaning thousands more individuals may still qualify for the final cost of living payment as well as the third payment due in February.
Benefits that qualify for the payment
The following benefits qualify individuals for the cost of living payment:
- Universal Credit
- Income-based jobseekers allowance
- Income-related employment and support allowance
- Income support
- Working tax credit
- Child tax credit
- Pension credit
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