January 2024 dates for advantages, pensions and cost of living payments

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As inflation eases as soon as extra to three.9 %, many proceed to battle amid the continued cost of living disaster. Despite the determine inching nearer the Bank of England’s 2 % goal, family payments, grocery prices and mortages proceed to stay excessive.

Research from the Joseph Rowntree Foundation (JRF) exhibits that as many as 2m households within the UK have discovered themselves pressured to unplug their fridge or freezer to maintain payments low, warning of “frightening” ranges of hardship. Meanwhile, they are saying 2.8m folks had run into debt to pay for meals, and 1 in 6 say they’ve been pressured to make use of a “warm room”.

Here is a quick overview of the state monetary help out there to low-income households this January and the dates on which advantages recipients can count on their cash to be paid out.

Will my advantages be paid earlier than the brand new yr?

If any of your traditional payments are due on New Year’s Day (January 1), Saturday 30, or Sunday 31 December, you must obtain them on Friday 29 December as an alternative.

Benefits going out as traditional

The traditional state help within the form of advantages and pensions payments will likely be going out as regular in January, with no financial institution holidays scheduled to confuse supply dates, besides for New Year’s Day. These are:

For extra info on how and when state advantages are paid, please go to the federal government’s web site.

When to count on the subsequent cost of living cost

The last cost of living cost of £299 will likely be paid between February 6, 2024 and February 22, 2024. People receiving sure advantages or tax credit are eligible for the cost of living cost. These embody: Universal Credit, Jobseeker’s Allowance , Employment help allowance, Income help, Pension credit score, Child tax credit score, and Working tax credit score.

This cost follows a number of others made all through 2023:

If you imagine you’re eligible for these payments, however haven’t acquired them, you must contact the DWP.

Warm Home Discount

First launched in 2011, this scheme delivers a £150 reduce to home electrical energy and fuel payments for qualifying recipients. A one-off low cost utilized mechanically to your invoice between early October 2023 and 31 March 2024, you’re eligible for the scheme if obtain the assure credit score component of pension credit score or if you’re on a low earnings and have excessive vitality prices.

Energy Price Cap forecast to fall

Ofgem has introduced that the EPC has been set at £1,923 for the ultimate quarter of this yr (or £1,949 for these on pre-payment plans) and will then rise barely to £1,928 (or £1,960 for pre-payment) for the primary quarter of 2024.

Analysts at Cornwall Insight foresee an additional fall by the point the subsequent EPC is introduced for subsequent yr’s second quarter, at which level it predicts the standard annual invoice will likely be at £1,816.46.

The current decline in costs is reflective of current drops in wholesale vitality prices – the quantity vitality corporations pay for their electrical energy and fuel earlier than supplying it to households – and, though it’s a important slide from the eye-watering charges of the final two years, the determine nonetheless stays virtually £1,000 a yr above pre-pandemic ranges.

Are advantages and pensions set to extend in 2024?

Benefits and state pension are set to extend in April 2024.

In his autumn assertion, Jeremy Hunt that advantages are going to be elevated by the September charge of inflation of 6.7 %. He additionally introduced that state pension will likely be elevated by 8.5 % across the similar time.

However, the Child Poverty Action Group (CPAG) has warned that failure to lift the advantages cap will push extra folks past its threshold, which means a real-terms reduce for many.