Jeremy Hunt to Confirm Benefit Payment Increase in Autumn Statement
Millions of households on benefits, including Universal Credit, are expected to receive a payment boost worth £600 next year, according to reports. The increase in benefit payments will be in line with inflation and is set to come into effect in April 2024. The average family on Universal Credit is estimated to be around £600 a year better off.
Tougher Work Assessments for Claimants as Part of Back-to-Work Drive
While the payment boost will be welcomed by many households, claimants are also expected to face tougher work assessments. This move is part of a major back-to-work drive, as the number of people on long-term sick leave has reached a record high of 2.6 million. Sanctions will be imposed on the worst-offending claimants, resulting in a reduction in their benefits.
How Much Could Universal Credit Increase?
There are currently over five million people claiming Universal Credit. The standard allowance for single claimants under the age of 25 is £292.11 per month, which is set to increase by 6.7% to £311.68. Single claimants over the age of 25 will see their monthly payments rise by £24.71 to £393.45. Couples under 25 will experience a rise of £30.72 from £458.51 to £489.23, while couples over 25 could see an increase of £38.78 from £578.82 to £617.60 per month.
Other Benefits Also Expected to Rise
In addition to Universal Credit, several other benefits are legally required to increase in line with the previous September's rate of inflation each April. These benefits include Personal Independence Payment (PIP), Disability Living Allowance, Attendance Allowance, Incapacity Benefit, Severe Disablement Allowance, Industrial Injuries Benefit, Carer's Allowance, Additional State Pension, and Guardian's Allowance.
Financial Support Available Now
If you're struggling with rising costs and bills, there are several forms of financial support available to you. For example, you could be entitled to cost of living payments of up to £1,350. The government is also providing cash payments to millions of people this year and in 2024. Additionally, the Warm Home Discount of £150 is being applied until March 31 next year, and the Household Support Fund offered by local councils can provide up to £350 in assistance for eligible households.
Did you miss our previous article…
https://hellofaread.com/money/shoppers-go-crazy-for-4-air-fryer-the-perfect-christmas-gift/
