06 February 2024 , 10:51
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Millions of people are due to receive the third and final cost of living payment worth £299 from today - but how do you know when the money has hit your bank account?
The money is being sent to households who are claiming certain benefits. Most eligible people should receive the cost of living payment by February 22, although there may be some cases where you get it later - for example, if you later put in a benefit claim and your payments are backdated.
The payment will be made automatically - so you won't need to apply for it. If you're wondering how it will appear, it will show in your bank account as your National Insurance Number followed by DWP COL. The HMRC payment reference will be HMRC COLS.
You need to have been claiming one of the following benefits between November 13 and December 12 last year to get the £299 payment. If you claim Universal Credit, you must have been eligible for a payment for an assessment period ending between these dates. The full list is as follows:
- Universal Credit
- Income-based Jobseeker's Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
Mel Stride, Secretary of State for Work and Pensions, said: “The economy has turned a corner, and with inflation falling we are providing millions of the most vulnerable households with another significant cash boost. Our fair approach to welfare is underpinned by a belief that the best way to secure long-term financial security is through work. This is why we have cut taxes for over 27 million working people and have launched a £2.5bn Back to Work Plan to help thousands more people off benefits and into jobs.”
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Chancellor Jeremy Hunt said: “Our decisive action helped to more than halve inflation last year while building the foundations for long-term growth through sensible tax cuts, which will help people’s money go further. But the legacy of Covid and the ongoing Ukraine war has meant the last few years have been tough for many, which is why we’ve provided one of the largest support schemes in Europe worth £3,700 for the average household.”