Millions of Low-Income Households to Receive Second Instalment of Cost-of-Living Boost

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Millions of households within the low-income bracket can expect their next cost-of-living payment to be distributed between the 31st of October and the 19th of November. The forthcoming payment signifies the second of three instalments, cumulatively expected to total £900. This financial assistance will benefit approximately eight million individuals who partake in means-tested benefits, like Universal Credit, receiving a direct sum of £300 without the requirement of a claim submission.

Supplementary payments have also been dispersed among individuals with disabilities and will extend to pensioners in the upcoming winter months. Over six million people with disabilities netted £150 during the summer season, and come winter, in excess of eight million pensioners will notice an additional £300 in their funds.

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Mel Stride, the Work and Pensions Secretary, remarked: “The best approach we can take to bolster bank balances involves cracking down on inflation, but as we progress towards that goal, we are also committed to ensuring the most vulnerable households are shielded from high prices via an added cost-of-living payment.”

Recipients eligible for these direct payments are forewarned about fraudulent activities aiming to exploit the situation by tricking people into relinquishing personal information. They’re also advised to keep an eye on their bank accounts, looking for the payment reference which will be the recipient’s national insurance (NI) number followed by “DWP COL” or “HMRC COLS.”

Among those qualifying for the upcoming £300 payment include recipients of Pension Credit. The Department for Work and Pensions (DWP) encourages pensioners falling within the low-income band to verify their eligibility for this benefit.

Eligibility for these payments relies on various factors. The money will be automatically deposited into in the account currently used for receiving benefit payments, and recipients must have been entitled to a payment for one of the approved benefits between 18 August and 17 September, or payment for an evaluation period ending within these dates. Even low-income pensioners who have eligibility for Pension Credit yet have not filed a claim can still receive a cost-of-living payment provided they successfully apply for a backdated Pension Credit.

Those who qualify solely through tax credits can anticipate their cost-of-living payment to arrive between 10 November and 19 November, designated with a reference of “HMRC COLS.”