DWP confirms how cost of living payment 2023 will be paid | Personal Finance | Finance

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Millions of households across the country are set to benefit from more support in 2023 and 2024. Today, the DWP announced when further cost of living payments will be made.

The exact payment start dates for the cost of living payments are yet to be confirmed.

However, Britons can expect the following: 

  • First cost of living payment – £301 – during spring 2023
  • Disability payment – £150 – during summer 2023
  • Second cost of living payment – during autumn 2023
  • Pensioner payment – £300 – during winter 2023/4
  • Third cost of living payment – £299 – during spring 2024.

A new £900 boost will be due for over eight million eligible means-tested benefit claimants – split into three payments over the course of the financial year.

Pensioners can once again expect a £300 boost if they are eligible for support, while disabled claimants are set to receive a separate £150 payment.

READ MORE: Millions of Britons to get up to £1,350 in cost of living support

“But there are no certainties when it comes to inflation and the UK faces other challenges, including slowing economic growth, heightened financial vulnerabilities tied to high debt levels and rising interest rates which could squeeze household finances further.”

Mr Jobson warned although various cost of living support schemes and measures will help to “ease the inflationary crush”, Britons should always be alert.

This is because these forms of help often have a “shelf life”, limiting the time people will be able to lean on this kind of financial support.

Once the cost of living payments come to an end, budgets may be squeezed once again.

READ MORE: Money-saving challenge that promises almost £7,000 in one year

As a result, people may already need to start thinking about their finances going forward.

Mr Jobson added: “It remains important to have a comprehensive understanding of your financial position.

“Make the necessary adjustments to ensure that your financial position holds strong long after the cost of living measures expire.

“The fact remains that individuals will have to do most of the heavy lifting to fortify their finances. 

“If you don’t have a budget, now is a good time to start – and stick with it.”

Chancellor Jeremy Hunt said in a statement: “I know these are tough times for families across the UK who are struggling to meet rising food and energy costs, driven by the aftershocks of COVID-19 and Putin’s war in Ukraine.

“That’s why we’re putting a further £900 into the pockets of over eight million low income households next year. 

“These payments are on top of above inflation increases to working-age benefits and the Energy Price Guarantee, which is insulating millions from even higher global gas prices. 

“Tackling inflation is this Government’s number one priority and is the only way to ease the strain of high prices, drive long term economic growth and improve living standards for everyone.”

Payments will be tax-free, and will not count towards the benefit cap.

The payments will also be made automatically, so eligible Britons have no need to take any further action. 

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