Exact payment dates for £299 third DWP Cost of Living payment announced
Joanna Lovell
Associate EditorThe eagerly-awaited third and final Cost of Living payment will be made in February next year, the government has today confirmed
The Department for Work and Pensions (DWP) has now confirmed exactly when the third Cost of Living payment will be made.
More than eight million people are expected to get the £299 payment to help with the cost of living crisis.
It comes after the first payment, for £301 was made in spring, with the second, for £300 made between 31 October and 19 November, to make a total of £900 in payments.
The money is designed to help people on low incomes with the rising costs of food, utilities and general day-to-day living. It will be paid to people on benefits including Universal Credit, Income Support and Pension Credit.
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February 2024
The DWP has today announced that payments will be made between 6 February and 22 February 2024 for most people.
That means claimants have around eight weeks to wait for the payment.
The dates were first announced by money-saving expert Martin Lewis on his money show on Tuesday night, and confirmed on Wednesday by the DWP.
Speaking on his ITV1 and ITVX Martin Lewis Money Show Live on Tuesday, Martin revealed that he had been given special dispensation to exclusively reveal the dates for the confirmed Department for Work and Pensions Cost of Living Payment for 2024.
Martin said: 'Tomorrow, we will be told the third £299 Cost of Living payment date for those on benefits.
'It will be paid to 8 million households but I've got special permission to tell you tonight before it comes out tomorrow.
'So the payment will be made between February 6th and 22nd next year.'
Is there a qualifying period?
Yes, you will need to be eligible for benefits on certain dates to receive the payment. The exact qualifying period has not yet been announced by the DWP.
However, Martin Lewis said: 'The eligibility is based on if you're due qualifying benefits which is most means tested benefits, universal credit, tax credits, employment support, between November 13 and roughly today (December 12).
'So if you're eligible now, you will get it next February.'
The second payment was paid between 31 October and 19 November 2023 and its qualifying period was between 18 August and 17 September.
Who is eligible for the £900 payment?
The £900 is available for people claiming one of the following qualifying benefits in a qualifying period:
- Universal Credit
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income Support
- Pension Credit
- Working Tax Credit
- Child Tax Credit
The DWP had previously said that the payment would land by spring next year.
How do I apply for the payment?
You do not need to apply for a payment, you will automatically receive it into the bank account where you get your benefits.
Which Cost of Living payments have been issued so far?
- £326 was issued between 14 and 31 July 2022 for those on DWP benefits and between 2 and 7 September 2022 for people on Tax Credits
- £324 was paid between 8 and 23 November 2022 for most people on DWP benefits – or between 23 and 30 November 2022 for people on Tax Credits
- £301 was paid between April 25 and May 17 for most people on DWP benefits and Tax Credits
- £150 Disability Cost of Living payment was issued between 20 June and 4 July
- £300 was paid during autumn 2023 – between 31 October and 19 November for most people on DWP benefits and Tax Credits
Will there be further cost of living payments?
There have been calls for the payments to continue past spring 2024, and the DWP has issued an update about future payments.
Labour MP, Sir George Howarth recently asked whether the DWP would be continuing the payments into 2024.
In response, Mims Davies, MP and DWP representative confirmed there are currently no plans to extend the payments.
In a written response he said: 'There are currently no plans to extend the cost of living payments beyond the spring.'
This comes after the Chancellor announced that benefits would be increased by 6.7% in his Autumn Statement last month. This meant that 5.5 million households on Universal Credit would see an increase of £470 over the next tax year.
What are the Cost of Living payments?
Cost of Living payments are tax-free grants given to low-income and struggling households across the UK by the DWP.
They were first introduced by Jeremy Hunt in 2022 with two payments that totalled £650 for people claiming certain benefits such as Universal Credit and Tax Credits. Later that year in his Autumn Statement, Mr Hunt announced that the payments would be extended for the tax year 2023/24.
The £900 payment for 2023/2023 was broken down into three instalments worth £301, £300 and £299.
There have been additional payments in the past year with different criteria, for example, the Pensioner £600 Cost of Living Payment, available for people born before 25 September 1957 and the £150 Disability Cost of Living payment for claimants of different benefits, such as the disability living allowance and personal independence payment.
Which payments are there to come?
The DWP will issue £300 to pensioners who get Winter Fuel Payment. The DWP began issuing it in November and it will continue to be paid through December.
Following this, there will be a final Cost of Living payment, the third instalment of the £900 worth £299 that will be paid out to eight million households in February.
This means there's £599 yet to come in this financial year.
More money advice
You can visit our cost of living hub for further money tips.
There you'll find advice that could help you with everyday costs, budgeting and more.
You'll find more stories about the Household Support Fund, Cost of Living payments and other benefits.
There's also Martin Lewis guidance in the run-up to Christmas Day, and helpful hacks to keep the cost of your weekly shop down.
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