February 2024 dates for advantages, pensions and value of dwelling funds

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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 Financial institution of England’s 2 per cent goal.

Paired with a freezing chilly begin to 2024, payments, meals costs and rents all stay excessive. Meals and power payments stay above pre-pandemic ranges, in response to the Decision Basis, however forecasts present that we may even see each maintain regular and even start to fall later into 2024.

Analysis from the Joseph Rowntree Basis exhibits that greater than 56 per cent of low-income households reported not having sufficient cash for both meals or heating their residence final 12 months. Almost half have been compelled to chop again on presents for family members, as 73 per cent stay with out a safe revenue to afford to eat.

Here’s a transient overview of the state monetary help accessible to low-income households this February and the dates on which advantages recipients can count on their cash to be paid out:

Advantages going out as regular

The standard advantages and pensions funds 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.

Subsequent price of dwelling cost

The ultimate price of dwelling cost of £299 shall be paid between February 6, 2024 and February 22, 2024. Individuals receiving sure advantages or tax credit are eligible for the price of dwelling cost. These embody: Common Credit score, Jobseeker’s Allowance, Employment Assist Allowance, Earnings Assist, Pension cCedit, Youngster Tax Credit score, and Working Tax Credit score.

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

When you consider you might be eligible for these funds however haven’t acquired them, it is best to contact the DWP.

Winter and chilly climate advantages

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

Chilly Climate Funds

A chilly snap at the beginning of the 12 months noticed many postcodes qualify for the Chilly Climate Cost. When you stay 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 Cost.

Heat Dwelling Low cost

In case you are on a low-income and have excessive power prices, you possibly can get a one-off £150 cost to assist together with your payments. Additionally, you will qualify if you happen to get the Assure Credit score aspect of Pension Credit score. The low cost needs to be utilized to yoru power payments between October 2023 and March 2024. The scheme works barely in a different way for Scottish candidates.

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

Winter Gas Cost

You’ll routinely qualify for this in case you are over the state pension age (66 years previous) and stay within the UK. The low cost grants you between £250 and £600 to assist pay your heating payments. You do not want to use if you happen to at the moment obtain a state pension, or most different advantages. If you don’t, it’s possible you’ll want to use.

The low cost cash ought to have routinely entered your account in October or November. When you consider you might be eligible however haven’t acquired a cost, contact the DWP for additional steering.

Power Value Cap: Will it go up or down in 2024?

As of January 1, the Power Value Cap is about at £1928, up from £1834 on the finish of 2023. Analysts on the trusted Cornwall Perception 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 closing months of 2024.

The power value cap is the utmost quantity power suppliers can cost you for every unit of power if you happen to’re on a normal variable tariff. That features most households.

The latest decline in costs is reflective of latest drops in wholesale power prices – the quantity power corporations pay for his or her electrical energy and gasoline earlier than supplying it to households. Though it’s a important slide from the record-high charges of the final two years, the determine stays nearly £1,000 a 12 months above pre-pandemic ranges.

JRF senior economist Rachelle Earwaker says: “Anybody who wants to make use of their heating to stave off freezing temperatures this week [January 17] can count on to pay over 80% greater than what they did three years in the past.

“Value rises have outstripped will increase in advantages which received’t enhance once more till April, and, even then, received’t make up the distinction.”

Are advantages and pensions going up in 2024?

Advantages 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 price of inflation of 6.7 per cent. He additionally introduced that state pensions shall be elevated by 8.5 per cent across the similar time.

Nevertheless, the Youngster Poverty Motion Group (CPAG) has warned that failure to boost the advantages cap will push extra individuals past its threshold, that means a real-terms reduce for a lot of.

Have you ever been affected by the inflation enhance or have a narrative to share about your expertise throughout the price of dwelling disaster? Get in contact by way of e-mail: albert.toth@unbiased.co.uk