The new cost-of-living payment is set to come out this spring.

Key Highlights :

1. Millions of households across the UK will receive a £301 payment from the Department for Work and Pensions (DWP) between April 25 and May 17.

2. The payment reference for bank accounts will be “DWP COLP”, along with the claimant’s national insurance number.

3. Mel Stride, Secretary of State for Work and Pensions, said: “These payments will give a financial boost to more than 8 million households as we continue to wrap our arms around the most vulnerable, while the best way we can protect people from high costs is to halve inflation by the end of this year.”

4. Chancellor said: “Not only are we providing £900 in direct cash payments to millions of the most vulnerable households, we’ve also extended the energy price guarantee to hold bills down until energy prices fall, raised the national living wage to £10.42, put an end to the prepayment meter premium and delivered a plan that will more than halve inflation this year – ensuring everyone’s incomes go further.”

5. Just over 8 million households across the UK will receive the £301 payment this spring.

6. Benefit recipients who will qualify for the upcoming cost-of-living payment also include those who receive income-based jobseeker’s allowance, income-related employment and support allowance, income support, working tax credit and child tax credit.

7. In general, to be eligible for the new £301 cost-of-living payment, someone must have been entitled to a payment of a qualifying benefit within a certain timeframe.

8. For universal credit, if someone

The Department for Work and Pensions will send out a £301 payment to households between April 25 and May 17. This payment is the first of three payments, totalling up to £900, for those eligible and on means-tested benefits, such as universal credit or pension credit. There will also be further payments worth £150 for eligible people with disabilities and £300 for pensioners due later this year, meaning some people will receive up to £1,350 in direct payments.

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