MILLIONS of people will receive the first part of the £650 cost of living payment from this week.
It’s part of the government’s support package designed to help cope with spiraling bills and essentials.
About eight million people on Universal Credit and some benefits are expected to receive money starting July 14.
And cost-of-living payments will arrive in most people’s bank accounts before the end of the month.
Anyone receiving the payment will be able to spot when it lands as it will come with a special code.
Any transaction where money goes in or out of your bank account has something to identify where it came from – like a store name.
And it’s no different with government money.
You will be able to see when the money landed in your bank account by searching for the words: DWP Cost of Living.
The first payment is worth £326 with a second installment worth £324 at a later date, which has yet to be confirmed.
The code is similar to the Christmas Bonus, which is an additional £10 payout paid out to Millions of Dollars on Benefits and usually paid out the first week of December.
In addition to a usual benefit deposit for the festive month, the government distributes the money which can be seen on bank statements as DWP XB.
Cash cost of living will be paid in the same way as your regular benefit payment, for example to the same bank account where you get Universal Credit.
This will be a separate payment on top of your regular benefit that you receive in July.
Am I eligible for the £650 cost of living payment?
People with the following benefits will get the £650 aid, the government said.
- Income-Based Jobseeker’s Allowance
- Employment and Income Support Benefit
- Income support
- Work Tax Credit
- Child tax credit
- Pension credit
- Universal Credit
The first part of the payment is worth £326 and will be paid from July 14 and should arrive by the end of the month for the most part.
Those who receive tax credits will receive payments at a later date.
To get the first payment, you will need to receive one of these eligible benefit payments by May 25 of this year, or have started a claim by that date and be successful later.
If you don’t qualify for this first payment, you can still get the second one if you start claiming the above benefits.
There will be a later deadline for the second payment.
This isn’t the only cost-of-living payment you could receive this year.
Every household in the UK will receive £400 to help cover spiraling energy bills, which are set to rise by several hundred pounds this winter.
Pensioners will receive an additional £300 one-off payment during the colder months, and six million people with disabilities will receive £150 in September.