The final cost of living payment for 2024 is set at £299 and will be paid between February 6, 2024, and February 22, 2024. This payment is designed to help people cope with the rising cost of living.
Final Cost of Living Payment 2024
The final cost of living payment for 2024 is set at £299 and will be paid between February 6, 2024, and February 22, 2024. This completes the £900 package announced in May 2023, with earlier payments of £301 and £300 issued in May and November 2023, respectively.
The UK Government has confirmed that there are no plans to make any further cost of living support payments in 2024. Instead, it has highlighted the rise in benefits, state pension, and housing support, which come into effect in April 2024.
Final Cost of Living Payment 2024 Eligibility
Eligibility is based on receiving specific low-income benefits during a qualifying period between 13 November 2023 and 12 December 2023. The key benefits include:
Universal Credit (except if your Universal Credit was reduced to £0 for the entire qualifying period)
Tax Credits (excluding Working Tax Credit for high-income households)
Disability Living Allowance
When will you receive the final Cost of Living Payment 2024?
Get details about the payment date from the below.
Overall: February 6th, 2024 to February 22nd, 2024.
Specific Timing Based on Benefits:
Universal Credit, Pension Credit, Disability Living Allowance, Carer’s Allowance, Attendance Allowance, State Pension: You will receive the payment between February 6th and 22nd, 2024.
Child Tax Credit or Working Tax Credit (only): You will receive the payment between February 16th and 22nd, 2024.
How will you receive the final Cost of Living Payment?
Find out the detail how you will receive the final Cost of Living Payment of £299:
No Application Necessary: You don’t need to fill out any forms or take any action to receive the payment. The government will automatically identify those who are eligible based on their benefits records.
Automatic Deposit: The payment will be directly deposited into the bank account where you currently receive your qualifying benefit. There’s no need to provide any additional bank details.
Same Account as Your Benefit: The payment will appear in the same bank account where you usually receive your Universal Credit, Pension Credit, Tax Credits, or other qualifying benefits.
Final Cost Of Living Payment 2024 Amount
The final Cost of Living Payment for 2024 is a one-time payment of £299. This is the third and final instalment of the government’s £900 support package to help low-income households cope with rising living costs.
Total package: £900
First instalment: £301 (paid in May 2023)
Second instalment: £300 (paid in November 2023)
Final instalment: £299 (paid between February 6th and 22nd, 2024)
Final Cost of Living Payment 2024 Pensioners
Pensioners received a separate Pensioner Cost of Living Payment in November 2023, distinct from the final Cost of Living Payment of £299 being distributed in February 2024. Here’s a breakdown of how it applies to pensioners:
Received Pensioner Cost of Living Payment:
If you were born before 25 September 1957 and were eligible for a Winter Fuel Payment, you automatically received an additional £150 or £300 as part of that payment in November 2023.
The exact amount you received depended on your age and circumstances.
You don’t need to take any further action to receive the final Cost of Living Payment of £299 unless you also receive one of the qualifying low-income benefits during the specific period (November 13th – December 12th, 2023).
Did not receive Pensioner Cost of Living Payment:
If you were not eligible for a Winter Fuel Payment, you would not have received the Pensioner Cost of Living Payment.
However, you may still be eligible for the final Cost of Living Payment of £299 if you were receiving one of the qualifying low-income benefits during the specified period.
Final Cost of Living Payment Benefits
The final Cost of Living Payment of £299 in 2024 primarily provides financial assistance to low-income households struggling with rising living costs. While it’s a one-time payment, its benefits can be felt in several ways:
Direct Financial Support:
Immediate alleviation of financial pressure: The £299 can be used for various necessities like groceries, fuel, or utility bills, offering immediate relief during a challenging time.
Flexibility for individual needs: Recipients can prioritize their most pressing needs or spread the payment over various expenses, providing some flexibility and control over their finances.
Boost to economic activity: Increased spending by recipients can potentially stimulate local economies and support businesses struggling in the current climate.
Promoting social resilience: By helping vulnerable households maintain basic needs, the payment can contribute to greater social stability and resilience within communities.