The Department for Work and Pensions and HM Revenue and Customs have issued an alert to individuals expecting the £299 cost of living payment at the beginning of 2024. A social media campaign aims to inform eligible customers who receive tax credits and no other income-related benefits about the upcoming payment.
Approximately 8 million eligible households across the UK are set to receive the £299 Cost of Living Payment in February. Two key dates are important for recipients to note. The first, for all eligible individuals claiming eligible benefits, is intended to aid the neediest families amid the current cash crisis, and will be deposited into people’s bank accounts between February 6 and 22. The second date, confirmed by HMRC, applies to those who receive tax credits and no other income-related benefits and are eligible, with payment scheduled between February 16 and 22.
Recipients eligible for the second Cost of Living Payment include individuals who receive at least one of the following benefits: Universal Credit, Income-based Jobseekers Allowance, Income-related Employment and Support Allowance, Income Support, Working Tax Credit, Child Tax Credit, Pension Credit.
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To qualify for the Cost of Living Payment from DWP, individuals must have been entitled to a payment for a qualifying benefit of Universal Credit for an assessment period ending between November 13, 2023, and December 12, 2023. Eligibility for the £299 payment is also based on entitlement to a payment (or later found to be entitled to a payment) of income-based JSA, income-related ESA, Income Support, or Pension Credit for any day within the November 13, 2023, to December 12, 2023, period.
The £299 payment in February 2024 will be automatically sent by the DWP and HM Revenue and Customs, and eligible people do not need to apply or take any action to receive it. The payment reference for bank accounts will be the recipient’s National Insurance Number followed by DWP COL or HMRC COLS.
Individuals whose benefits are reduced to £0 for the qualifying period, also known as a ‘nil award,’ will not be eligible for the Cost of Living Payment.