Date set for millions to receive cost-of-living payment in their bank account

Millions of households up and down the country are set to receive a cost-of-living payment from the Department for Work and Pensions next month.

This marks the second of three payments totalling up to £900 supporting eligible people on means-tested benefits with the cost-of-living crisis.

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The first payment of £301 was paid out to low-income households on means-tested benefits in spring, with the second payment of £300 being sent out to people on means-tested benefits, such as Universal Credit, Pension Credit, or tax credits, this autumn.

The third payment totalling £299 is due to be rolled out in the spring of next year.

The date has now been set for eligible Brits to receive their second payment of up to £300 in the their bank account between 31 October and 19 November of this year.

Eligible pensioner households will also receive a further £300 payment later this year as an addition to the Winter Fuel Payment.

Gov.uk explains: "The £300 Cost of Living Payment will be sent out automatically and directly to recipients, meaning those eligible do not need to apply, contact the Government, or take any action to receive it.

"This includes tax credits-only customers who will receive the payment from HM Revenue and Customs (HMRC) between 10 and 19 November 2023."

The site also informs that the payment reference for bank accounts will be the recipient’s National Insurance Number followed by 'DWP COL' or 'HMRC COLS'.

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Mel Stride, Secretary of State for Work and Pensions, said: "The best way we can boost bank balances is by bearing down on inflation, but as we get there, we are ensuring the most vulnerable households are cushioned from high prices with a further Cost of Living payment."

Stride added: "Alongside this, thousands of Work Coaches across the country are helping find work, increase their hours and boost their skills.

"I encourage anyone who wants to progress their career and strengthen their finances to visit their local Jobcentre to find out what help is available."

The full list of benefit recipients that qualify for the second Cost-of-Living Payment are those who are eligible and receive at least one of the following: Universal Credit, Income-based Jobseekers Allowance, Income-related Employment and Support Allowance, Income Support, Working Tax Credit Child Tax Credit and Pension Credit.

Although the payments aim to help keep low income households afloat amid rising inflation and sky high energy costs, there is still apprehension about how families will be able to cover their electricity and gas bills throughout the winter.

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