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, stunning 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 vitality payments stay above pre-pandemic ranges, in keeping 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 reveals that greater than 56 per cent of low-income households reported not having sufficient cash for both meals or heating their dwelling final yr. Nearly half have been compelled to chop again on presents for family members, as 73 per cent stay and not using a safe earnings to afford to eat.

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

Benefits going out as common

The common advantages and pensions payments shall 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 cost

The last cost of living cost of £299 shall 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 Support Allowance, Income Support, Pension cCedit, Child Tax Credit, and Working Tax Credit.

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

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

Winter and chilly climate advantages

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

Cold Weather Payments

A chilly snap initially of the yr 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 beneath zero, you might be eligible for £25 for each seven days of chilly. In Scotland, this scheme was not too long ago changed with the Winter Heating Payment.

Warm Home Discount

If you might be on a low-income and have excessive vitality prices, you may get a one-off £150 cost to assist together with your payments. You will even qualify if you happen to get the Guarantee Credit ingredient of Pension Credit. The low cost needs to be utilized to yoru vitality payments between October 2023 and March 2024. The scheme works barely in another way for Scottish candidates.

You ought to obtain a letter in January 2024 if you happen to is perhaps eligible. If you don’t, you must contact the DWPearlier than 29 February 2024.

Winter Fuel Payment

You will mechanically qualify for this in case you are over the state pension age (66 years outdated) and dwell within the UK. The low cost grants you between £250 and £600 to assist pay your heating payments. You don’t want to use if you happen to at present obtain a state pension, or most different advantages. If you don’t, you might want to use.

The low cost cash ought to have mechanically entered your account in October or November. If you imagine you might be eligible however haven’t obtained a cost, 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 last months of 2024.

The vitality worth cap is the utmost quantity vitality suppliers can cost you for every unit of vitality if you happen to’re on an ordinary variable tariff. That contains most households.

The latest decline in costs is reflective of latest drops in wholesale vitality prices – the quantity vitality companies pay for their electrical energy and fuel earlier than supplying it to households. Although it’s a vital slide from the record-high charges of the final two years, the determine stays virtually £1,000 a yr 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 shall be elevated by 8.5 per cent across the identical time.

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

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