MILLIONS of struggling households are starting to receive the third instalment of the £900 cost of living payment.
The tax-free payment of £299 will be made between February 6 and February 22.
The final instalment of the cost of living payment is beginning to hit bank accountsGetty
The Department for Work and Pensions (DWP) is sending payments automatically and directly to recipients’ bank accounts.
Below, we explain who will get the cost of living payment.
Who gets the cost of living payment?
The full list of benefits that means people qualify for the payment is:
Income-based jobseekers allowance
Income-related employment and support allowance
Income support
Working tax credit
Child tax credit
As noted, you need to have been entitled to any of the benefits above between November 13 and December 12 to be eligible.
If you were later found to be entitled between the same dates you will also be eligible for the payment.
Households on tax credits only will receive their payment from HMRC later in February to ensure those on other benefits and tax credits will not get it twice.
How often are the cost of living payments paid?
The first instalment worth £301, was paid out to over eight million households in April and May last year.
The second instalment, which was £300, was paid from October 31 to November 19.
It follows the £650 cost of living payment made to over eight million people in 2022.
How much will people receive in the latest cost of living payment?
This latest cost of living payment is worth £299.
Anyone awaiting the payment will see it appear with a certain code in their bank statement.
The payment reference for bank accounts will be the recipient’s National Insurance number followed by DWP COL or HMRC COLS.
For example, if your NI number is JT 83 42 97B your payment will show up as “JT 83 42 97B DWP COL” or “JT 83 42 97B HMRC COLS” on your bank statement.
How many more Cost of Living Payments will there be?
Hard-up households will be wondering if any more cost of living payments are in the pipeline.
This £299 payment is the final instalment in the latest round of cash support from the government.
There has been no word on whether more cash support is on the way yet.
However, if more support is in the pipeline, it is likely to be announced in the Chancellor’s Spring Budget on Wednesday, March 6.
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