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Cost of living payments price as much as £1,350 to be issued to tens of millions in 2023 | Personal Finance | Finance

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Rising bills and inflation are hitting families hard, and lots of low-income individuals are struggling to make ends meet. In efforts to assist, the Government has announced a latest round of support measures designed to assist those with a low income.

These individuals will stand up to £1,350 from the Government from spring 2023 onwards.

A latest £900 money boost for over eight million eligible means-tested profit claimants has been unveiled.

This may include Britons on Universal Credit, Pension Credit and tax credits.

The £900 boost shall be split into three payments over the course of the financial yr, and go straight to bank accounts without the necessity to claim.

READ MORE: Expat pensioners affected in 2023 – state pension, NHS and more

Britons can expect the next:

  • First cost of living payment – £301 – during spring 2023
  • Disability payment – £150 – during summer 2023
  • Second cost of living payment – during autumn 2023
  • Pensioner payment – £300 – during winter 2023/4
  • Third cost of living payment – £299 – during spring 2024.

Chancellor Jeremy Hunt said: “I do know these are tough times for families across the UK who’re struggling to fulfill rising food and energy costs, driven by the aftershocks of COVID-19 and Putin’s war in Ukraine.

“That’s why we’re putting an extra £900 into the pockets of over eight million low income households next yr. 

“These payments are on top of above inflation increases to working-age advantages and the Energy Price Guarantee, which is insulating tens of millions from even higher global gas prices. 

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Those that are eligible shall be paid mechanically, without having to use for any individual payment.

Claimants eligible for any cost of living payment alongside tax credits, but o other means-tested advantages, will receive a payment from HMRC.

This may occur shortly after the DWP payments are issued. 

Mel Stride, work and pensions secretary, added: “We’re sticking by our promise to guard essentially the most vulnerable and these payments, price lots of of kilos, will provide vital support next yr for those on the bottom incomes.

“The Government’s wider support package has already helped greater than eight million families as we proceed to take care of the worldwide consequences of Putin’s illegal war and the aftershocks of the pandemic.”  

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