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

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Inflation charges rose to 4.0 per cent final month, surprising economists who had forecast a fall and nonetheless removed from the Bank of England’s 2 per cent goal.

Paired with a freezing chilly begin to 2024, payments, meals costs and rents all stay excessive. Food and power payments stay above pre-pandemic ranges, in line with the Resolution Foundation, however forecasts present that we might even see each maintain regular and even start to fall later into 2024.

Research from the Joseph Rowntree Foundation exhibits that greater than 56 per cent of low-income households reported not having sufficient cash for both meals or heating their residence final 12 months. Nearly half have been compelled to chop again on presents for family members, as 73 per cent stay with out a safe revenue to afford to eat.

Here is a short overview of the state monetary help obtainable to low-income households this February and the dates on which advantages recipients can count on their cash to be paid out:

Benefits going out as ordinary

The ordinary advantages and pensions payments will likely be going out as regular in February, with no financial institution holidays scheduled to confuse supply dates. These are:

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

Next cost of living fee

The closing cost of living fee 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 fee. These embody: Universal Credit, Jobseeker’s Allowance, Employment Support Allowance, Income Support, Pension cCedit, Child Tax Credit, and Working Tax Credit.

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

If you consider you might be eligible for these payments however haven’t acquired them, you must contact the DWP.

Winter and chilly climate advantages

There are three key help schemes obtainable to folks as chilly climate hits within the winter months:

Cold Weather Payments

A chilly snap firstly of the 12 months noticed many postcodes qualify for the Cold Weather Payment. If you reside in an space that has expertise seven or extra days of temperatures at or under zero, you might be eligible for £25 for each seven days of chilly. In Scotland, this scheme was just lately changed with the Winter Heating Payment.

Warm Home Discount

If you might be on a low-income and have excessive power prices, you may get a one-off £150 fee to assist along with your payments. You may even qualify when you get the Guarantee Credit component of Pension Credit. The low cost ought to be utilized to yoru power payments between October 2023 and March 2024. The scheme works barely in a different way for Scottish candidates.

You ought to obtain a letter in January 2024 when you could be eligible. If you don’t, you must contact the DWPearlier than 29 February 2024.

Winter Fuel Payment

You will routinely qualify for this if you’re over the state pension age (66 years previous) and stay within the UK. The low cost grants you between £250 and £600 to assist pay your heating payments. You don’t want to use when you at the moment obtain a state pension, or most different advantages. If you don’t, you could want to use.

The low cost cash ought to have routinely entered your account in October or November. If you consider you might be eligible however haven’t acquired a fee, contact the DWP for additional steering.

Energy Price Cap: Will it go up or down in 2024?

As of January 1, the Energy Price Cap is about at £1928, up from £1834 on the finish of 2023. Analysts on the trusted Cornwall Insight predict this determine will fall in April to £1,660, and once more in July to £1,590, earlier than rising once more to £1,639.97 within the closing months of 2024.

The power worth cap is the utmost quantity power suppliers can cost you for every unit of power when you’re on a regular variable tariff. That consists of most households.

The current decline in costs is reflective of current drops in wholesale power prices – the quantity power companies pay for their electrical energy and gasoline earlier than supplying it to households. Although it’s a important slide from the record-high charges of the final two years, the determine stays nearly £1,000 a 12 months above pre-pandemic ranges.

JRF senior economist Rachelle Earwaker says: “Anyone who needs to use their heating to stave off freezing temperatures this week [January 17] can expect to pay over 80% more than what they did three years ago.

“Price rises have outstripped increases in benefits which won’t increase again until April, and, even then, won’t make up the difference.”

Are advantages and pensions going up 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 per cent. He additionally introduced that state pensions will likely be elevated by 8.5 per cent 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 lower for many.

Have you been affected by the inflation enhance or have a narrative to share about your expertise throughout the cost of living disaster? Get in contact through e mail: albert.toth@unbiased.co.uk