The final instalment of the cost of living payment is set to hit bank accounts today.

The payment will be made directly to the bank accounts of people who claim certain benefits, including Universal Credit, from the Department for Work and Pensions (DWP).

More than eight million households are eligible for the tax-free cash, which does not have an impact on the benefit cap.

Energy bills are still high across the country, especially during winter as usage increases due to cold weather, and many are feeling the pinch due to the increasing prices of food and other essentials.

Who is eligible for the cost of living payment 2024?

Those eligible will receive at least one of the following benefits:

  • Universal Credit
  • Income-based Jobseekers’ Allowance
  • Income-related Employment and Support Allowance
  • Income Support
  • Working Tax Credit
  • Child Tax Credit
  • Pension Credit

The money is paid directly into bank accounts and there is no need to apply for it at all. If you’re eligible, you should receive it automatically.

To get the £299, you need to have been paid (or have been eligible for a payment of) one of the benefits listed above or below for any day between November 13 and December 12 of last year.

This means you could be eligible for the third payment even if you weren’t for the first and second payments.

When will the final cost of living payment be made?

The third and final cost of living payment will be made on February 6, 2024.

The first instalment, of £301, was paid out on April 25 of last year.

The second, of £300, was paid on October 31, 2023.

And the final instalment of £299 will be paid out from today – February 6.

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2024-01-31T11:37:05Z dg43tfdfdgfd