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Next cost of living payment date confirmed

Next cost of living payment date confirmed
Emma Lunn
Written By:
Emma Lunn

The third and final cost of living payment for low income households will be paid in February 2024.

About eight million households across the UK are set to receive a £299 cost of living payment between Tuesday 6 February and Thursday 22 February, the Government has confirmed.

The payment is the final part of the cost of living package that has helped eligible low income households since July 2022.

Payments for those eligible total £900 and are split into three payments of slightly different amounts. The first instalment, which was £301, was paid from 25 April 2023. The second instalment, which was £300, was paid from 31 October 2023.

The third payment of £299 will be sent automatically by the DWP and HMRC, so eligible people do not need to apply or take any action to receive it.

The payment reference for bank accounts will be the recipient’s National Insurance Number followed by DWP COL. The HMRC payment reference, for tax credit claimants, will be HMRC COLS.

Mel Stride, secretary of state for work and pensions, said: “We’ve delivered on our promise to halve inflation, putting money back in people’s pockets, while also providing millions of households with unprecedented financial support to ease cost of living pressures.

“We will always protect the most vulnerable, while ensuring fairness for the taxpayer. We know that the best way to secure long-term financial security is through employment, so we’re rolling out the next generation of welfare reforms to put thousands more people on a pathway off benefits and into work.”

The DWP is also encouraging low-income pensioners not already getting pension credit to check their eligibility, as they could still qualify for the cost of living payment in February.

Are you eligible for the payment?

To be eligible for the payment from DWP, you need to have been entitled to a payment for a qualifying benefit between 13 November and 12 December, or payment for an assessment period, ending between these dates.

The full list of benefit recipients that qualify for the third cost of living payment are those who are eligible and receive at least one of the following:

  • universal credit
  • income-based jobseeker’s allowance
  • income-related employment and support allowance
  • income support
  • working tax credit
  • child tax credit
  • pension credit

If a household becomes retrospectively entitled to a cost of living payment or believe they are entitled but do not receive one, they can report this via Gov.UK from 23 February.