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Exact date millions set to receive next instalment of £300 cost of living bonus

Exact date millions set to receive next instalment of £300 cost of living bonus

Brits are set to receive a much-needed cash boost in the New Year from the government.

Millions of households are set to receive a cash boost in the New Year when the next instalment of the cost-of-living payment drops.

It's sure to be a godsend for Brits after a busy and expensive Christmas, which is coming on top of rising costs and soaring energy bills.

The Department for Work and Pensions (DWP) have since confirmed the date of which people can expect the third instalment - which this time is totalling £299 - to land directly into the bank accounts of people who are eligible.

UK residents on certain benefits have already received two payments as the government are paying out £900 over the course of the financial year.

The first round was paid out in April and May while the second was issued in October and November.

The millions of people who fit the criteria don't even have to lift a finger - except when they're withdrawing it from the cash point, obviously.

The money will land directly into Brits bank accounts.
Getty stock photo

People on certain benefits will be eligible for the money - and it might include more than you think.

The full list of benefits it applies to are:

  • Universal Credit
  • Income-based jobseekers allowance
  • Income-related employment and support allowance
  • Income support
  • Pension credit
  • Child tax credit
  • Working tax credit

And if you receive the latter two, then you will be paid the £299 by HMRC - but the rest will receive it from DWP.

The only catch is that you need to have received one of the listed benefits between November 13 and December 12 to get the money.

And those who were entitled to receive welfare payments between these dates but didn't are also able to get their hands on it.

Brits should keep their eyes peeled for either of these specific code on their statements, which, according to DWP, will be next to their National Insurance number - DWP COL or HMRC COLS.

It is the third cash instalment from the government over this financial year.
Getty stock photo

The payments - which will automatically be delivered into banks - will be flying out between February 6 and February 22.

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."

Chancellor Jeremy Hunt added: "Inflation has halved, but I know some families are particularly vulnerable to cost of living pressures, which is why these payments are so important.

"The best way we can help families is by getting more people into good jobs, including through our Back to Work Plan which will help more than 1 million people look for work and grow the economy."

Featured Image Credit: Getty Stock Images/Matt Cardy/Getty Images

Topics: Money, News, UK News, Cost of Living