DWP benefits and pensions: March 2024 dates for benefits, Universal Credit and pensions

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Jeremy Hunt gave his spring Budget this month, delivering a 2p National Insurance tax lower, adjustments to Child Benefit, and a brand new “British Isa”.

However, some specialists have expressed considerations that the chancellor’s new measures unfairly profit larger earners. The Resolution Foundation financial assume tank who level out that these incomes £50,000 or extra will acquire probably the most from the NI lower.

Earlier within the month, it was confirmed that the UK formally entered a recession on the finish of 2023. The information got here shortly after figures put inflation regular at 4 per cent, beating the percentages of one other rise – however nonetheless distant from the federal government’s goal of two per cent.

Against this difficult financial backdrop, the price of residing disaster persists. Bills, meals costs and rents all stay stubbornly excessive as thousands and thousands wrestle to afford the necessities.

Research from the Joseph Rowntree Foundation (JRF) reveals that in the direction of the tip of final yr, 73 per cent of low-income households on Universal Credit skilled meals insecurity. One in six reported turning off their fridge or freezer sooner or later to save cash.

Here is a quick overview of the state monetary help out there to low-income households this March and the dates on which benefits recipients can anticipate their cash to be paid out:

Benefits going out as traditional

The traditional benefits and pensions funds will likely be going out largely as regular in March. These are:

However, in case your cost date falls on Good Friday (29 March), you must obtain your anticipated cost the day earlier than (28 March).

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

Cost of residing cost

Despite ongoing monetary pressures, the federal government has not introduced any plans to increase its value of residing cost scheme past Febuary 2024.

Peter Matejic, Chief Analyst on the JRF, stated: “The Government’s cost of living payments gave families a short-term reprieve. Without them, they face an income safety net that offers no safety and the ever-rising cost of essentials like food and energy.”

If eligible, the ultimate value of residing cost of £299 needs to be paid to you between February 6, 2024 and February 22, 2024. People receiving sure benefits or tax credit have been eligible for the price of residing cost. These embrace: 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 consider you have been eligible for these funds however didn’t obtain them, you must contact the DWP.

Other assist out there as value of residing funds finish

Local council help

In the spring Budget, Jeremy Hunt confirmed the Household Support Fund (HSF) could be prolonged for 6 months past the unique 31 March deadline.

The HSF is funding given to all native councils to help weak households of their space. Councils are free to allocate the funds nevertheless they really feel is finest.

For occasion, some have offered money grants, grocery store vouchers, or power invoice help. You might want to go to your native council’s web site to seek out out what assist should be out there.

To discover out what help is on the market to you, the End Furniture Poverty charity supply a useful help finder device.

Budgeting advance loans

The authorities affords a ‘budgeting advance loan’ for folks on Universal Credit who face an emergency lack of cash. Prior to the funds, the reimbursement interval for these loans was 12 months. It has now been doubled to 2 years.

These loans are interest-free, and mechanically deducted from Universal Credit funds. You can borrow an ‘advance’ of as much as:

Charitable grants

If you might be struggling financially, it’s possible you’ll be eligible for sure charitable grants. There are a variety of grants out there relying in your circumstances.

However, these grants will usually require you to satisfy particular standards and solely be capable of supply restricted funds.

Charitable grants can be found for people who find themselves disabled or ailing, carers, bereaved, unemployed, college students – and many extra. The charity Turn2us has an internet device to go looking for grants which can be out there to you.

Energy supplier assist

Quite a few power suppliers supply assist for these battling their power payments. These embrace Scottish Power, EDF, E.ON and Octopus. It is value contacting your power supplier to seek out out if you’re eligible.

British Gas additionally supply a grant of as much as £2,000 to prospects of any power supplier. You might want to meet particular standards to be eligible, and can apply on the British Gas Energy Trust web site.

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

The power value cap is ready to drop to £1,690 from 1 April, down £238 from the January cap of £1,928.

Analysts on the trusted Cornwall Insight predict this determine will fall in July to £1,462.86, however rise once more barely in October to £1,590.

The power value cap is the utmost quantity power suppliers can cost you for every unit of power for those who’re on an ordinary variable tariff. That contains most households. It is expressed as an annual invoice for a median dwelling.

The current decline in costs is reflective of current drops in wholesale power prices – the quantity power corporations pay for their electrical energy and gasoline 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.

Are benefits and pensions going up in 2024?

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

In his autumn assertion, Jeremy Hunt that benefits are going to be elevated by the September fee of inflation of 6.7 per cent. He additionally introduced that state pensions will likely be elevated by 8.5 per cent across the identical time.

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

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