MILLIONS of people will be getting the first part of the £650 cost of living payment from this week.
It’s part of the government’s package of support that is designed to help with spiralling bills and essentials.
1
Around eight 8million people on Universal Credit and certain benefits are set to get the cash from July 14.
And the cost of living payments will arrive in most people’s bank accounts before the end of the month.
Anyone getting the payment will be able to spot when it lands as it will come with a special code.
Any transaction where money is coming in or going out your bank account has something to identify where it’s from – like a shop name.
And it’s no different with the cash from the government.
You’ll be able to see when the money has landed in your bank account by looking for the words: DWP Cost of Living.
The first payment is worth £326 with a second instalment worth £324 coming at a later date, which has not yet been confirmed.
The code is similar to the Christmas Bonus, which is an extra £10 payment made to millions on benefits and usually paid in the first week of December.
Most read in Money
On top of a usual benefit deposit for the festive month, the government gives out the cash which can be seen on bank statements as DWP XB.
The cost of living cash will be paid in the same way as your usual benefit payment, for example into the same bank account where you get Universal Credit.
It will be a separate payment on top of to your usual benefit that you get in July.
Am I eligible for the £650 cost of living payment?
Those on the following benefits will get the £650 help, the government has said.
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
- Universal Credit
The first part of the payment is worth £326 and will be paid from July 14 and should arrive by the end of the month for most.
Those on tax credits will get the payments at a later date.
To get the first payment, you will need to be in receipt of any of these eligible benefit payments as of May 25 this year, or have started a claim by this date and later be successful.
If you’re not eligible for this first payment you could still get the second if you start claiming the benefits above.
There will be a later cut-off date for the second payment.
It’s not the only cost of living payment you might get this year.
Every household in the UK will be given £400 to help cover spiralling energy bills, which are set to rise by hundreds of pounds more this winter.
Pensioners will get an extra £300 one-off payment during the coldest months, and six million people with disabilities will receive £150 in September.
