Between 31st October and 19th November, millions of households in the lower income bracket are due to receive their next instalment of cost-of-living payments. This tranche will directly benefit eight million recipients of means-tested benefits, including Universal Credit. Each of these recipients will receive £300, without any necessary claims on their part.
This payment represents the second of three instalments, which will culminate in a total of £900. Additionally, separate payments have been allotted for some individuals with disabilities and for pensioners in the winter season. Over the summer, more than six million disabled people were paid £150 each. As winter approaches, an additional £300 will be granted to over eight million pensioners.
Work and Pensions Secretary Mel Stride stressed the government’s commitment to mitigating the impact of high prices, stating that boosting bank balances by treading down on inflation is high on their priority list. He also emphasised the aim of safeguarding the most vulnerable households by ensuring they receive additional cost-of-living payments.
The required amount will be paid directly into the bank accounts of eligible individuals. However, recipients are urged to remain vigilant against scammers who may exploit this situation to trick them into divulging private information.
The payment breakdown also includes a £300 handover to those who are claiming tax credits only, delivered by HM Revenue and Customs (HMRC) between 10th and 19th November. These transactions will be easily identifiable in bank accounts by the recipient’s national insurance (NI) number followed by “DWP COL” or “HMRC COLS”.
Among those queued for the £300 payment are recipients of Pension Credit. The Department for Work and Pensions (DWP) strongly urges low-income pensioners to verify their eligibility for this benefit.
Eligibility to receive the money will be determined by the account which is used to receive benefit payments. The payment reference will follow a standard format of ‘DWP COL’ alongside the claimant’s National Insurance number. In order to qualify, recipients must have received one of several credits or allowances – including Universal Credit, Income-based Jobseeker’s Allowance, or Pension Credit – between 18th August and 17th September. Those who qualify purely through tax credits will receive their cost-of-living payment in the period between 10th and 19th November, identified by the reference ‘HMRC COLS’.
