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Millions of UK households to get £300 cost of living payment

Millions of UK households to get £300 cost of living payment

Over eight million pensioners are set to receive the additional one-off payment

Millions of Brits are set to receive a cost of living payment of up to £300 in addition to the £650 package for low income households.

Pensioner households who already qualify for the Winter Fuel Payment, which is between £100 and £300, will get an additional £150 to £300, with the payments set to start rolling out in November.

The extra financial assistance was announced by the new Prime Minister Rishi Sunak when he was Chancellor of the Exchequer as part of a number of measures to tackle ever-rising living costs including energy bills.

Per the UK government: "If you’re entitled to a Winter Fuel Payment for winter 2022 to 2023, you will get an extra £300 for your household paid with your normal payment from November 2022.

"This is in addition to any Cost of Living Payment you get with your benefit or tax credits.

"The full amount of Winter Fuel Payment you will get for winter 2022 to 2023 depends on your circumstances."

Energy prices have soared over the past year.
Westend61 GmbH/Alamy Stock Photo

For example, those who quality for Winter Fuel Payment, were born on or before 25 September 1942 and live alone or with someone who doesn't qualify will receive the full £600.

Individuals born within the same time period who qualify and live with someone else under 80 who qualifies will get £350.

The full list can be found on the government's website. Over eight million pensioners living in the UK will receive the extra one-off payment this year.

This is in addition to the second half of the £650 cost of living payment, which is set to also start hitting bank accounts from next month.

The first amount totalling £326 was sent to those on benefits from 14 July onwards, with the remaining £324 due between 8 November and 23 November.

Work and Pensions Secretary, Chloe Smith, said: "Millions of families will soon see a £324 cash boost as part of our extensive £1,200 support package, helping to raise incomes and manage the rising cost of living.

"We understand that people are struggling which is why and we’re committed to supporting the most vulnerable households.

"That’s also why we are focused on driving growth and delivering quality public services so we can continue to support those in need through these challenging times while boosting opportunity for all."

Although the payment aims 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 this winter.

Earlier this month, Money Saving Expert's Martin Lewis - who has helped thousands of Brits save money in recent times - highlighted the issue while accepting a National Television Award in the 'Expert' category.

Martin Lewis has provided expert help to millions of Brits.

"The energy crisis has been disastrous and left many people with terrible issues and mental health problems," he said.

"I'm afraid next year with the mortgage problem and the knock on to rent is going to be pretty bad.

"And you know what? We need somebody to get a grip on the economy and put things a little bit better."

Featured Image Credit: Mark Thomas / Lenar Nigmatullin / Alamy

Topics: Money, Politics, UK News