Millions of households will receive their third and final cost-of-living payment from today, courtesy of the Department for Work and Pensions (DWP).
Between today (6 February) and 22 February, families entitled to the funds from the Government will see £299 deposited into their account.
Payments will be sent automatically to eligible households on means-tested benefits like Universal Credit or Jobseeker’s Allowance.
For those on tax credits, the HMRC will pay eligible claimants automatically between 16 and 22 February and the funds will be deposited in the bank account already used for receiving tax credits.
As has been the case for the previous two payments, the reference used in the recipients’ bank account will be the National Insurance number followed by DWP COL (cost of living) or HMRC COLS (cost of living support).
The £900 support package was split into three payments, with £301 paid in April last year and a further £300 from 31 October.
‘Last few years have been tough for many’
Chancellor Jeremy Hunt said: “Our decisive action helped to more than halve inflation last year while building the foundations for long-term growth through sensible tax cuts, which will help people’s money go further.
“But the legacy of Covid and the ongoing Ukraine war has meant the last few years have been tough for many, which is why we’ve provided one of the largest support schemes in Europe, worth £3,700 for the average household.”
Households can retrospectively receive the payments and can see if they are entitled to it once the final round is paid later this month.
How to check if you are eligible:
- To be eligible for the cost-of-living payment from DWP, you need to have been entitled to a payment for a qualifying benefit between 13 November and 12 December last year, or payment for an assessment period, ending between these dates.
- From HMRC, you need to have received a payment of tax credits for any day in the period between 13 November and 12 December.
- If a household becomes retrospectively entitled to a cost-of-living payment, or believes they are entitled but do not receive one, they can report this via gov.uk from 23 February.
