Around 8 million eligible households across the UK are set to receive a £299 Cost of Living Payment in February, as the Government unveiled its plans to reward work, reform welfare and grow the economy.
The third of up to three Cost of Living Payments will be made to eligible people on means-tested benefits between 6 February and 22 February and is part of a support package that has helped millions of households since July 2022.
The payments come as the Government announced £104 billion will be spent on cost of living support between 2022 and 2025 in November’s Autumn Statement – worth around £3,700 per household. Measures include:
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Uprating benefits by 6.7%
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Increasing the state pension by 8.5%
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Increasing the Local Housing Allowance by £7 billion
The £299 payment in February 2024 will be sent automatically by the DWP and HM Revenue and Customs, so eligible people do not need to apply or take any action to receive it.
The payment reference for bank accounts will be the recipient’s National Insurance Number followed by DWP COL. The HMRC payment reference will be HMRC COLS.
Commenting, Mims Davies MP, Minister for Disabled People, Health and Work, said:
I was pleased to announce millions of eligible people will receive a Cost-of-Living payment of £299 between 6th and 22nd of February, providing a much-needed financial boost during the colder winter months. This is the final of three Cost-of-Living payments for those on means tested benefits. Those who need extra support can contact their local council as they may be able to get assistance through the Household Support Fund.
