Cost of living payments 2023 - here's everything you need to know
The cost of living crisis is biting hard for many people across the UK this winter. With fuel bills showing no sign of getting cheaper and the cold weather continuing, many households are worried about the future.
In 2022 the Government introduced various schemes to support those most in need of assistance with paying for everyday necessities including cost of living support payments, which saw payments of £326 and £324 dished out to over eight million households across the UK.
When were the 2023 cost of living support payments announced?
Additional support going into the New Year was announced as part of the Autumn Statement by Chancellor of the Exchequer Jeremy Hunt. The statement was made to Parliament on Thursday, November 17.
Do we know when cost of living support payments will be made in 2023?
All we know about the dates so far is that payments will begin in the Spring with other payments being made later in the year and into 2024. The Government has released the following information as a broad guide.
First cost of living payment of £301 – Spring 2023 Disability payment of £150 – Summer 2023 Second cost of living payment of £300 – Autumn 2023 Pensioner payment of £300 – Winter 2023 into 2024 Third cost of living payment of £299 – Spring 2024
What cost of living support payments can UK residents expect in 2023?
As part of a £26billion project, payments will continue to support households through this year and into 2024. Eight million eligible households on means tested benefits will receive additional Cost of Living Payments totalling £900 in the 2023-24 financial year.
Eligible households receiving the following benefits are expected to get the payments:
Universal credit Income-based Jobseekers Allowance
Income-related Employment and Support Allowance
Working Tax Credit
Child Tax Credit
Pensioner cost of living payments
Cost of living payments for pensioners are also going to continue into 2023 with an additional £300 payment to help the elderly with bills throughout the year.
Disability cost of living support payments
Over six million people who receive disability benefits are also expected to get a further £150 in 2023 to help with additional costs. This includes recipients of:
Disability living allowance Personal Independence Payment Attendance Allowance Armed Forces Independence Payment Constant Attendance Allowance War Pension Mobility Supplement
Will benefits be going up in 2023?
The Autumn Budget included good news for benefits recipients with regular payments being increased by 10.1%, in line with the level of inflation at the time of the speech. This is set to include working age and disability benefits in addition to pension credit.