Saturday, May 24, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Households start to receive £324 cost-of-living payments into bank accounts

by Vicky Shaw
November 8, 2022
in Finance
Reading Time: 3 mins read
A A
0
Home Finance
Share on FacebookShare on Twitter

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails

Sign up to our free breaking news emails

Millions of people on low incomes will start to receive payments of £324 into their bank accounts from Tuesday as part of the Government’s cost-of-living support.

The Department for Work and Pensions (DWP) will start making the payments directly into eligible people’s bank accounts from Tuesday.

There is no need for people to apply or do anything to receive it – so people should watch out for texts or emails from scammers inviting them to make applications.

The payments form the second part of a £650 sum being paid out to people receiving benefits such as universal credit, income-based jobseeker’s allowance (JSA), income-related employment and support allowance (ESA), income support, pension credit, child tax credit and working tax credit.

Payments of £326 have previously been made by the DWP and HM Revenue and Customs (HMRC).

DWP claimants will generally receive their second cost-of-living payments by November 23.

Eligible households receiving tax credits, and no other means-tested benefits, will get their second cost-of-living payment from November 23 and should receive it by November 30.

The DWP said that in a small minority of complex circumstances, it may pay some households after November 23, for example, if they were deemed unable to claim certain benefits, but won backdated entitlement on appeal, or where payments were rejected due to invalid account details.

The payment reference on DWP recipients’ bank accounts will be their national insurance number, followed by “DWP COL”. For HMRC recipients, the payment reference will be “HMRC COLS”.

Work and Pensions Secretary Mel Stride said: “We understand that people are struggling and that is why we’ve consistently acted to ensure millions of low-income families are supported. We will continue to act with compassion as we navigate challenging global economic circumstances.

“As part of a wider £37 billion package of support, this latest £324 payment will help the most vulnerable people in our society who are worrying about their finances through the winter months.”

The Government’s support package also includes a £400 discount on energy bills that is being paid in monthly instalments to domestic energy customers between now and March.

A £300 addition to Winter Fuel Payments will go to over eight million pensioner households over the winter.

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.”

Those eligible will generally have been claiming and entitled to a payment between August 26 and September 25, with the exception of pensioner households, who may be able to have a new pension credit claim backdated.

They have until December 18 to submit a valid claim for pension credit, which could entitle them to the £324 cost-of-living payment.

People can check their eligibility for pension credit using an online calculator or by calling a freephone claim line (0800 99 1234).

The energy price guarantee, which limits the unit cost of energy, runs from the start of October 2022 until the end of March 2023. A review will be launched to consider more targeted measures to support households with their energy bills after this period.

Some people are also facing steep hikes to their mortgage costs, as Bank of England rate increases and the recent market turmoil following the mini-budget delivered under former prime minister Liz Truss put an upwards pressure on mortgage rates.

There have also been warnings that rising mortgage costs will also add to pressures on the rental sector, as landlords could increase their rents to cover their own increased costs, or exit the market.

Here are the estimated numbers of families eligible for the means-tested benefit cost-of-living payments by region, according to the DWP:

– London, 1,224,000

– South West, 580,000

– South East, 846,000

– Eastern England, 627,000

– West Midlands, 792,000

– East Midlands, 551,000

– North West, 1,048,000

– North East, 397,000

– Yorkshire and the Humber, 722,000

– Wales, 426,000

– Scotland, 689,000

– Northern Ireland, 309,000



Source link

Tags: accountsBankcostoflivingHouseholdspaymentsreceivestart
Previous Post

NanoString Technologies, Inc. (NSTG) Q3 2022 Earnings Call Transcript

Next Post

Crypto notches a win among professional accountants By Cointelegraph

Related Posts

Bicara: Inventory Decline On FICERA Summary Launch Creates Shopping for Alternative (NASDAQ:BCAX)

Bicara: Inventory Decline On FICERA Summary Launch Creates Shopping for Alternative (NASDAQ:BCAX)

by Index Investing News
May 24, 2025
0

This textual content was written by Terry Chrisomalis is a private investor throughout the Biotech sector with years of experience...

Coffee Break: A Triumph of Gene Editing

Coffee Break: A Triumph of Gene Editing

by KLG
May 23, 2025
0

Half the First: Gene Modifying as a Treatment for Genetic Illness.  The latest politics of American science has been miserable...

MMT and US History: Redefining Chartalism

MMT and US History: Redefining Chartalism

by Joshua Mawhorter
May 24, 2025
0

The USA is MMT’s financial sovereign par excellence. As a result of the US is arguably the place wherein MMT...

Why California Gas Prices Are the Highest in America

Why California Gas Prices Are the Highest in America

by Vance Ginn
May 23, 2025
0

California leads the nation in additional methods than one — taxes, rules, and, as soon as once more, gasoline costs....

Uniform disciplinary action format at PSBs on the cards

Uniform disciplinary action format at PSBs on the cards

by Dheeraj Tiwari
May 23, 2025
0

State-run banks plan to undertake a unified format and commonplace working process (SOP) for any disciplinary motion in opposition to...

How rising inflation impacts your mortgage and savings

How rising inflation impacts your mortgage and savings

by Karl Matchett
May 23, 2025
0

Signal as much as our free cash publication for funding evaluation and skilled recommendation that will help you construct wealthSignal...

Next Post
Crypto notches a win among professional accountants By Cointelegraph

Crypto notches a win among professional accountants By Cointelegraph

As Doomsday Approaches, It Is Being Estimated That Approximately 10 Percent Of All Americans Are Now “Preppers” – Investment Watch

As Doomsday Approaches, It Is Being Estimated That Approximately 10 Percent Of All Americans Are Now “Preppers” – Investment Watch

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RBI’s strong dividend to govt boosted by USD sales, interest income: SBI report

RBI’s strong dividend to govt boosted by USD sales, interest income: SBI report

May 24, 2025
Best Memorial Day deals 2025: Save on expert-picked tech, BOGO deals, and more

Best Memorial Day deals 2025: Save on expert-picked tech, BOGO deals, and more

May 24, 2025
Thailand readies homecoming for stolen ancient statues located in US museum | Arts and Culture News

Thailand readies homecoming for stolen ancient statues located in US museum | Arts and Culture News

May 24, 2025
Bitcoin Price Momentum Drops 38% After ATH – Healthy Pause Or Warning Sign?

Bitcoin Price Momentum Drops 38% After ATH – Healthy Pause Or Warning Sign?

May 24, 2025
Trump attack on Harvard to block international students raises fears at California campuses

Trump attack on Harvard to block international students raises fears at California campuses

May 24, 2025
BlackRock Leads Historic 4M BTC ETF Inflows as Trump Tackles 0,000,000 EU Trade Deficit

BlackRock Leads Historic $934M BTC ETF Inflows as Trump Tackles $250,000,000 EU Trade Deficit

May 23, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

RBI’s strong dividend to govt boosted by USD sales, interest income: SBI report

Best Memorial Day deals 2025: Save on expert-picked tech, BOGO deals, and more

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In