Millions of families to receive 301 cost of living payment from today

Payments will automatically hit bank accounts of those who are eligible

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Rahima Miah

05:00, 25 Apr 2023

[Millions of families will receive cost of living payments]

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Millions of families will receive cost of living payments(Image: Dominic Lipinski/PA)

Millions of families will receive a new cost of living payment from today.

More than 8 million households will receive a 301 Cost of Living Payment from the Government. Those eligible will be paid between Tuesday, April 25 and Wednesday, May 17 with HMRC making payments to tax credit-only customers between Tuesday, May 2 and 9.

This is the first of three new cost of living payments adding up to 900 in 2023/24 but some people will receive up to 1,350. The Department for Work and Pensions (DWP) will send payments automatically and directly to recipients bank accounts, with a reference of their National Insurance Number followed by DWP COL.

Mel Stride, Secretary of State for Work and Pensions, said: "This latest additional payment will be welcomed by millions of families as will further payments due over the next year. We have continually supported those most vulnerable to rising costs, including through record benefits and national living wage increases as well as these exceptional Cost of Living Payments responding to the global pressures we are facing.

We will also continue to deliver on our five priorities, including halving inflation, as this will ease pressure on households currently struggling with household bills and rising prices.

Jeremy Hunt, Chancellor of the Exchequer, added: "The best thing we can do to help peoples money go further is deliver on our priorities to halve inflation and grow the economy.

But were also here to help people through these tough times, which is why were holding down energy bills, freezing fuel duty, increasing Universal Credit, and giving 900 payments to low income and vulnerable families - all in part funded through windfall taxes on energy profits."

People will be eligible for the Cost of Living Payment if they have been entitled to a payment for one of seven benefits between 26 January and 25 February 2023.The eligible benefits are:

Universal Credit
Pension Credit
Income-based Jobseekers Allowance
Income-related Employment and Support Allowance
Income Support
Working Tax Credit
Child Tax Credit

Once the majority of those who are entitled to a payment by DWP have been paid, HM Revenue and Customs (HMRC) will make payments of 301 between Tuesday, May 2 and Tuesday, May 9 to one million eligible families receiving tax credits only, with the banking reference HMRC COLS. The latest payment follows on from the 650 Cost of Living Payment delivered by the Government in 2022, along with another 150 disability payment and a 300 pensioner payment.

Payments are made automatically, however people people must be receiving one of the eligible qualifying benefits during the specified period to qualify. People can check their entitlement to benefits should using a benefits calculator on Gov.uk to get a better idea of what they could receive.

Low-income pensioners particularly should check their eligibility for Pension Credit, as they may still be able to receive the 301 Cost of Living Payment, and further payments, if they make a successful backdated application by May 19, 2023.

Those in need are also encouraged to contact their local council to see if any additional support is available in their local area, such as through the DWPs Household Support Fund in England, worth over 2 billion across its lifetime.

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