Second cost of living payment of £324 set to hit millions of bank accounts from today

Chancellor Jeremy Hunt said that while the Government “can’t protect everyone” from soaring costs, the priority now was protecting “the poorest in society”.

Millions of low-income households across the UK will see a payment of £324 hit their bank accounts from today (Tuesday, November 8). The cash boost forms the second instalment of the £650 cost of living payment as part of a package of measures announced by the DWP benefit claimants could be eligible for £1,500 back payment if court appeal is successful">Government earlier this year to help tackle the cost of living crisis.

The cost of living payment is being paid to people on certain benefits including Universal Credit and older ‘legacy’ benefits such as income-based job seeker’s allowance, pension and child tax credit. If you’re eligible, you do not need to do anything to receive the payment - and people are being warned to be vigilant of scammers inviting them to make an application via text or email.

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The payment reference on your bank account should be your national insurance number followed by “DWP COL”. For HMRC recipients, the payment reference will read “HMRC COLS”.

The first instalment of the cost of living payment, which totalled £326, was paid to eligible people from July 14. The second instalment is being paid from today and should arrive before November 23.

If you live in an eligible household but are receiving tax credits and no other means-tested benefits, you should get your second cost of living payment from November 23 and no later than November 30. The DWP (Department of Work and Pensions) said that in a small minority of cases, there could be a slight delay on payments.

The full Government support package also includes a £400 Energy Support Grant to help with soaring energy costs over winter, which is being paid to domestic energy customers in instalments of around £60 each month between now and March. More than eight million pensioner households who are eligible for Winter Fuel Payments will also receive an additional £300 boost.

Chancellor Jeremy Hunt said: "We’ve taken decisive action to hold down energy bills this winter, and provided hundreds of pounds of cash support for each vulnerable household. As part of that support, over eight million vulnerable households - almost a quarter of families in the UK - will automatically receive a second cost of living payment worth £324 in their bank account from today.

"And while we can’t completely protect people from rising prices, my priority at the upcoming autumn statement will be to protect the poorest in society as we take the tough decisions necessary to fix our public finances."

The cash boost forms the second instalment of the £650 cost of living payment as part of a package of measures announced by the Government earlier this year to help tackle the cost of living crisis.

Who is eligible for the cost of living payment?

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A household may be eligible for the £650 cost-of-living payments if it receives any of the following benefits:

  • Universal Credit
  • Income-based Jobseekers Allowance
  • Income-related Employment and Support Allowance
  • Income Support
  • Working tax credit
  • Child tax credit
  • Pension credit

For more information, visit theGovernment website.