May 2020 benefit dates: Payment dates to note for Universal Credit, State Pension & more | Personal Finance | Finance
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Millions of people claim benefits from the Department for Work and Pensions (DWP) every year – with structured support available from the government. As of February 2019, there were 20 million people claiming DWP benefits, with two thirds of benefit claimants at State Pension age. However, recently, with the increased pressure brought about by the coronavirus crisis, many more Britons are turning to the government for financial help in the form of Universal Credit – a living support payment.
In order to plan financially, it is important to know what money is due to hit your bank account and when, with new changes in the month of May imminent. Express.co.uk has explained key benefits, entitlements and payment dates.
CHILD BENEFIT
Child Benefit is a support payment paid to those responsible for bringing up a child under the age of 16, or under 20 if they are in approved education or training.
The benefit is paid every four weeks, with no limit to the number of children who can be claimed for.
For the eldest or only child, a payment of £21.05 is provided per week, with any subsequent children paid out at £13.95 per child.
Payment usually hits Britons’ bank accounts on a Monday or a Tuesday, so in the month of May, parents and guardians could receive an advance.
For those due to receive a Child Benefit payment on Monday, May 25, 2020, payment is expected earlier on Friday, 22 May, 2020, as this is the final working day before the bank holiday.
Child Benefit remains available for those who have an income above £50,000, but they may suffer tax on this amount. This is also true for those who earn £60,000 who lose all of their benefit through progressive tax.
UNIVERSAL CREDIT
Universal Credit, which has seen a drastic increase in claims as a result of the coronavirus crisis, is paid every month to claimants on a low income or out of work.
The payment changes dependent on personal circumstances, however the standard monthly allowance is £409.89 for single people over 25, and £594.04 to split between couples over the age of 25.
Under the current system, it usually takes five weeks for the first Universal Credit payment to hit the bank account of the claimant. However, the government has admitted that due to the demand for the benefit recently, this may not be possible in all cases.
Claimants are entitled to extra money for personal needs, including children, disabilities and difficulty in paying household bills.
In a similar way, Universal Credit will be paid on the last working day before the bank holiday if a payment is due on the day the bank holiday falls.
STATE PENSION
State Pension is a sum paid by the government to those who have contributed National Insurance (NI) payments throughout their working lifetime.
Under the old system, pensioners are entitled to a maximum of £134.25 per week, and under the new system, a maximum of £175.35 per week.
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The day a pensioner receives the sum is dependent on the last two digits of their National Insurance number, so those with the digits 80 to 99, and 00 to 19 should pay attention to when they receive their entitlement.
This is because bank holidays in May fall on Friday, May 8, 2020 and Monday, May 25, 2020. Those due to receive their payment on these dates can expect to receive an earlier payment on the final working day before their due date.
PERSONAL INDEPENDENCE PAYMENT (PIP)
The Personal Independence Payment is issued to Britons who have a long term disability or suffer from ill-health.
For those who have not reached State Pension age, a claimant can receive between £23.60 and £151.40 per week, depending on how the condition affects a person’s everyday life.
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Other DWP benefits include Jobseeker’s Allowance, paid every two weeks, Attendance Allowance, paid every four weeks, and Employment and Support Allowance also issued every two weeks.
The most important dates for Britons claiming any DWP benefit are Thursday, May 7 and Friday, May 22, as this is when benefits are likely to be paid.
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