By the end of today more than 7 million households across the UK will have received a £301 cost of living payment from the Department for Work and Pensions (DWP).

This means the vast majority of eligible households have received the support in just eight days of the rollout starting, with the small number of payments outstanding to be made by May 17.

It is the first of three cost of living payments being sent out by the DWP this year, totalling £900, with a £150 payment also being made to eligible disabled people, while £300 will be sent to pensioners later this year.

The £301 payment will be sent out automatically and directly to recipients, meaning those eligible do not need to apply or do anything to receive it.

The Argus: More than 8 million households are eligible to receive the DWP £301 cost of living payment this monthMore than 8 million households are eligible to receive the DWP £301 cost of living payment this month (Image: PA)

The payment reference for bank accounts will be DWP COLP, along with the claimant’s National Insurance number.

Mel Stride, Secretary of State for Work and Pensions, said: “Paying more than seven million households £301 in a little over a week underlines our commitment to ensure those on the lowest income are protected from the worst of rising prices and give them peace of mind.

“With further payments due to be made later this year and in 2024, we will continue provide support to those who need it most while we tackle inflation and grow the economy.”

Jeremy Hunt, Chancellor of the Exchequer, added: “We know the impact that rising prices are having on families, which is why we are providing significant support to millions through these direct cash payments.

“This is alongside other support, including holding down energy bills, uplifting benefits and the state pension by 10 per cent, and increasing the National Living Wage by a record amount.

“The single best way to ease cost of living pressures is to bear down on inflation. We are on track to halve it this year, laying the foundation for the long-term growth needed to improve everyone’s living standards.”

Who is eligible for DWP £301 cost of living payment?

The full list of benefit recipients that qualify for the upcoming Cost of Living payment are those who receive:

  • Universal Credit
  • Income-based Jobseekers Allowance
  • Income-related Employment and Support Allowance
  • Income Support
  • Working Tax Credit
  • Child Tax Credit
  • Pension Credit

The qualifying period for this payment is between 26 January and 25 February 2023.

To be eligible for the Cost of Living Payment, you need to have been entitled to a payment for one of these benefits between 26 January and 25 February 2023, or payment for an assessment period ending between these dates.

When will DWP cost of living payments be received?

The exact dates for some payments are yet to be announced by the DWP, but this is when to expect each individual payment over the next year:

  • First cost of living payment - £301 – April 25 to May 17
  • Disability payment - £150 – Summer 2023
  • Second cost of living payment - £300 – Autumn 2023
  • Pensioner payment - £300 – Winter 2023
  • Third cost of living payment - £299 – Spring 2024