When will I receive the Rishi Sunak Living Cost Payment? | Tech Reddy
Millions of UK families are set to receive the first of two payments to help tackle the cost of living crisis on July 14.
Some of the most vulnerable Britons will receive £326 next month, in the first payment for low-income families on Universal Credit, Tax Credits, Pension Credit and related benefits.
They will receive the remaining £324 in the autumn ahead of an expected future rise in energy bills in October. Ofgem has warned that bills could rise by £800, having already seen a peak of £700 on average in April.
Legislation to confirm the £650, as well as other elements of the Government’s support package, was tabled on Wednesday.
The payouts are designed to be deliberately slightly uneven to minimize the risks of fraud by those who might seek to exploit this system.
To be eligible for payment, a successful claim for benefits must be initiated by May 25.
The package is worth at least £1200 for vulnerable families
Chancellor Rishi Sunak said: “We have a responsibility to protect those who pay the highest price for rising inflation, and we are stepping up to help.
“In July more than 8 million people will receive their first payment of £326 to help with rising prices, as part of a package worth at least £1,200 for vulnerable families.
“I said we’d be there for people when they needed help, and we are.”
When an increase in universal support and the discount on energy bills are added to the single payment, eight million families can expect a cost of living support of at least £1200.
Work and Pensions Secretary Thérèse Coffey said: “With millions of families on the lowest incomes soon to see the first of two cash payments in their bank accounts, we are taking action to help directly and families with the cost of living.
“This one-off payment totaling £650 is part of our £37 billion cost of living support package which will put an extra £1,200 in the pockets of those who need it most.”
What cost of living grants were announced by Rishi Sunak? When can you expect them?
On May 26, the Chancellor announced a series of grants to help ease the pressure caused by rising bills and prices.
- All UK households will receive a £400 reduction in their energy bills
This refund will come into effect from October after Mr Sunak doubled it from £200 in May. A previous requirement to pay it back was also dropped.
- Single cost of living payment for low income families on Universal Credit, Tax Credits, Pension Credit and related benefits
The first grant payment of £650 will be paid on July 14, the British government confirmed in June.
It was split into two payments of £326 and £324.
Those who benefit from the following benefits are qualified for the cost of living payment: Income-based Jobseeker’s Allowance, Income-related Employment and Support Allowance, Income-related Support income, working tax credit, child tax credit, pension credit.
- Single cost of living payment for pensioner families
Pensioners receiving the Winter Fuel Payment will receive a payment of £300 in November. Exact dates are set to be confirmed soon.
- Single cost of living payment for people receiving disability benefits
People receiving disability benefits will receive £150 before the end of September. Exact dates are set to be confirmed soon.
Are prices still rising?
Inflation, the rate at which prices rise, has continued to peak amid the war in Ukraine and the effects of the coronavirus pandemic.
The cost of living in the UK is rising at its fastest rate for four decades.
Consumer Price Index inflation rose to 9% in the year to April, up from an already high 7% in March, the Office for National Statistics (ONS) said.
It was the fastest measured since records began in 1989, and the ONS estimated it was the highest since 1982.