Millions of UK households will begin to receive a £301 cost of living payment from today.
The Department for Work and Pensions (DWP) payment, the first of five planned for this financial year, will be sent out to eligible accounts between today and May 17.
It is the first of three cost of living payments being sent out by the DWP this year, totalling £900, with a £150 payment also being made to eligible disabled people, while £300 will be sent to pensioners later this year.
More than eight million people are eligible for payments, including those on Universal Credit, Tax Credits and Pension Credit.
The £301 payment will be sent out automatically and directly to recipients, meaning those eligible do not need to apply or do anything to receive it.
The payment reference for bank accounts will be DWP COLP, along with the claimant’s National Insurance number.
Mel Stride, Secretary of State for Work and Pensions, said: “These payments will give a financial boost to more than eight million households as we continue to wrap our arms around the most vulnerable, while the best way we can protect people from high costs is to halve inflation by the end of this year.
“In the long-term, we know work is the best route out of poverty, which is why we recently announced additional Work Coach support to help more people find work or increase their hours.
"Anyone looking to boost their skills or progress their career should speak to their work coach to ensure they’re accessing all the support the DWP can provide.”
Who is eligible for DWP £301 cost of living payment?
The full list of benefit recipients that qualify for the upcoming Cost of Living payment are those who receive:
- Universal Credit
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
The qualifying period for this payment is between 26 January and 25 February 2023.
To be eligible for the Cost of Living Payment, you need to have been entitled to a payment for one of these benefits between 26 January and 25 February 2023, or payment for an assessment period ending between these dates.
When will DWP cost of living payments be received?
The exact dates for some payments are yet to be announced by the DWP, but this is when to expect each individual payment over the next year:
- First cost of living payment - £301 – April 25 to May 17
- Disability payment - £150 – Summer 2023
- Second cost of living payment - £300 – Autumn 2023
- Pensioner payment - £300 – Winter 2023
- Third cost of living payment - £299 – Spring 2024
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