As a part of a support package value £15 billion, the Government has been distributing payments out to families across the country to assist with soaring living costs. The scheme is obtainable to those claiming certain advantages or the state pension, and more instalments are because of be paid over the subsequent few months.
After seeing a modest drop to 9.9 percent in September, UK inflation rates are forecast to hit double-digits again this month after energy bills took one other jump originally of October.
To support the thousands and thousands of households who’re particularly feeling the squeeze, the Government’s cost of living payment scheme is in place to ease spiralling costs.
The scheme offers three several types of one-off payments for eligible households, and these include:
- Cost of living payment, value £650 paid in two instalments for those eligible
- Disability cost of living payment, value £150
- Pensioner payment, £300 added to the Winter Fuel Payment
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The second payment will mechanically be paid into the bank accounts of those eligible in England, Scotland, Wales and Northern Ireland who receive a qualifying profit, meaning they’ll not must do anything to receive the cash.
In accordance with the Government website, people won’t be eligible for the Cost of Living Payment if their earnings reduced their Universal Credit to £0 for the qualifying assessment period. This is usually called a ‘nil award’.
Nonetheless, if money has also been taken off for other reasons (comparable to rent payments to a landlord or money owed), they may still be eligible.
“That’s also why we’re focused on driving growth and delivering quality public services so we will proceed to support those in need through these difficult times while boosting opportunity for all.”
Chancellor of the Exchequer, Kwasi Kwarteng added: “We all know that individuals have been anxious about their bills ahead of this winter, which is why we’ve taken decisive motion to carry down energy bills, saving the common household around £1,000 a yr, and provided £1,200 of targeted support to essentially the most vulnerable.
“Without our intervention, analysts were predicting that the common annual energy bill could have reached £6,500 next yr. We were never going to let this occur.”