Inflation has fallen again to 3.9%, but many people continue to suffer in the ongoing cost of living crisis. Despite this figure inching closer to the Bank of England’s 2% target, household bills, grocery costs and mortgages remain high.
As many as two million British households have been forced to unplug their fridges and freezers to keep their bills down, leading to “horrendous” levels of deprivation, according to research by the Joseph Rowntree Foundation (JRF). I’m warning you. Meanwhile, 2.8 million people went into debt to pay for food, and one in six said they had been forced to use a “warm room”.
Here’s a quick overview of the state financial aid available to low-income households this January, and the dates benefits recipients can expect to receive their benefits.
Will my benefits be paid by the new year?
If your payment is normally due on New Year’s Day (January 1st), Saturday, December 30th, or Sunday, December 31st, you should receive it on Friday, December 29th instead.
Advantages of going out as usual
Normal state support in the form of benefits and pension payments is expected to continue as usual in January, with no bank holidays to disrupt delivery times, with the exception of New Year’s Day. these are:
- universal credit
- national pension
- Pension deduction
- Disabled living allowance
- personal independence allowance
- Nursing care allowance
- caregiver allowance
- Employment support allowance
- income support
- Job applicant allowance
For more information about how and when state benefits are paid, see below. Visit government websites.
When will the next living expenses payment be due?
You will receive a final living allowance of £299. From February 6, 2024 to February 22, 2024. People who receive certain benefits or tax credits may be eligible for subsistence payments. These include Universal Credit, Jobseeker Allowance, Employment Support Allowance, Income Support, Pension Credit, Child Tax Credit and Work Tax Credit.
This payment follows several others made during 2023.
- £301 – First subsistence payment – Issued between 25th April and 17th May (2nd to 9th May for people who receive tax credits but no other low income allowances) to)
- £150 – Disability Allowance – Issued between 20th June and 4th July.
- £300 – 2nd subsistence payment – issued between 31st October and 19th November for most people.
- £300 – Pensioner Payment – Published November 2023
If you think you are eligible for these payments but have not yet received them, please contact DWP.
warm home discount
First introduced in 2011, the scheme offers eligible recipients a £150 reduction on their domestic electricity and gas bills. He will automatically receive a one-time discount on his invoices from early October 2023 until March 31, 2024. Guaranteed credit element of pension credit or low income And energy costs are high.
Energy price ceiling expected to fall
Ofgem has announced that the EPC will be set at £1,923 (£1,949 for prepaid plans) for the final quarter of this year, rising slightly to £1,928 (£1,960 for prepaid plans) thereafter. First quarter of 2024.
Cornwall Insight analysts predict: further decline By the time the next EPC is announced in the second quarter of next year, the standard annual bill at that point is expected to be £1,816.46.
The recent price drop reflects a recent decline in wholesale energy costs (the amount energy companies pay for electricity and gas before delivering it to your home), down from the eye-watering rates of the past two years. Although a significant fall, this figure is still almost £1,000 a year above pre-pandemic levels.
Will benefits and pensions increase in 2024?
Benefits and national pensions are scheduled to increase from April 2024.
Jeremy Hunt said in his autumn statement that benefits would increase by September’s inflation rate of 6.7%. During the same period he announced that he would raise the national pension by 8.5%.
But the Child Poverty Action Group (CPAG) has warned that unless the benefit cap is increased, more people will fall over the threshold, meaning a real cut for many.