In the 2022 Autumn Budget, Chancellor of the Exchequer Jeremy Hunt announced a new cost of living support package for 2023 and 2024 that will provide additional financial support to 8 million vulnerable households and the Department for Work and Pensions (DWP) has now revealed when the 2023/24 support payments will be paid.
In this article, we look at what Cost of Living Payments have been announced, who is eligible for the payments and when they will be paid.
For full details on the cost of living support package, including the initial cost of living support scheme from 2022, check out our complete Cost of Living guide. In addition, if you are looking for ways to reduce your spending you may also find our article, 'How to save money on household bills' useful.
How much is the 2023/24 Cost of Living Payment?
Those on certain benefits can expect to receive a Cost of Living Payment for additional financial support throughout 2023 and into 2024. The payments are designed to help those that are most vulnerable manage the rise in the cost of living and the payments are spread out throughout the year. Pensioners and those living with a disability are also eligible for additional support.
Information regarding the support available and when it will be paid can be found in the below table. Exact payment timeframes will be released nearer the time.
|Cost of Living Payment type||Cost of Living Payment amount||Expected payment date|
|First Cost of Living Payment||£301||Spring 2023|
|Disability Payment||£150||Summer 2023|
|Second Cost of Living Payment||£300||Autumn 2023|
|Pensioner Payment||£300||Winter 2023/24|
|Third Cost of Living Payment||£299||Spring 2024|
Who is eligible for the 2023/24 Cost of Living Payment?
To receive the cost of living support payments you need to be in receipt of eligible means-tested benefits, examples of which are listed below:
- Universal Credit
- Income-related Jobseeker's Allowance (JSA)
- Income-related Employment and Support Allowance (ESA)
- Income Support
- Pension Credit
- Working Tax Credit
- Child Tax Credit
If you receive certain disability benefits or you are eligible to receive the Winter Fuel Payment, you may be eligible to receive the Disability and Pensioner cost of living support payments. More information on eligibility for the payments can be found in our Cost of Living Payment guide.
When will I receive the 2023/24 Cost of Living Payment?
If you are eligible to receive the cost of living support payments these will be automatically paid into your account and you will not need to apply. If you are unsure if you are eligible or think you may have been entitled to support from the 2022 cost of living support package, read our Cost of Living guide for more information and how to report a missing payment.