Cost of living payment: The earliest people can receive their payment | City & Business | Finance
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The UK’s cost of living crisis is an unfortunate product of a mixture of financial issues, with Britons struggling under increased taxes, higher energy bills and more. The financial situation for many will likely continue to deteriorate as the Bank of England expects inflation to enter the double-figure range by the end of the year and another energy price cap boost incoming. The Government has promised to help weather the blow with a one-off payment due before costs increase again.
When will people receive their cost of living payment?
The Government announced it would provide vulnerable Britons with a £650 cost of living payment in May.
The payment, reserved for some of the most vulnerable Britons, goes to those on Universal Credit and means-tested benefits.
They will receive the payment in two halves, with the first coming this week.
READ MORE: Pensioner hits out at ‘age discrimination’ over cost of living payment
The UK’s means-tested benefits include:
- Universal Credit
- Income-based Jobseeker’s Allowance (JSA)
- Income-related Employment and Support Allowance (ESA)
- Income support
- Pension Credit
The £650 payment is one of several Britons can receive this year, with others due in September, October and November.
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While these one-off payments will help targeted populations, the Energy Bills Support Scheme will help everyone.
The scheme starts in October 2022 and promises £400 for people’s energy accounts as the weather grows colder.
People with a prepayment meter will receive vouchers instead.
As with the cost of living payment, it comes in instalments, this time spread over six months.
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