May 2024 dates for Universal Credit and benefits as both see increase today

"Receive Daily News Headlines From Our Global Reporters Via Free Email"

Get Our Morning Headlines Email For Free!

In the month of April, numerous individuals obtained a significant rise in their earnings owing to the start of the new fiscal year. Once again, the state pension and benefits experienced yearly increments.

The yearly increase is implemented to guarantee that earnings rise compared to costs, which have escalated quickly in recent years due to the soaring inflation brought about by the crisis of rising living expenses.

The economic situation has kept progressing favorably in recent months, with inflation further decreasing in April. The rate fell to 3.2 percent, marking a drop from March's 3.4 percent.

The reduction in inflation started to stabilize after dropping quickly towards the end of 2023, causing concerns that it may take some time to reach the 1% level or lower seen in 2020.

Even though inflation has decreased, prices still remain considerably higher than they were some years ago. The reduction in inflation doesn't indicate that prices will return to their previous levels. Rather, it implies that the rate at which prices are increasing has slowed down slightly.

The most recent yearly data from the government regarding households with low incomes doesn't give good news about the UK's economy. The figures reveal that poverty has gone up for the second consecutive year. The number of people living in absolute poverty has risen by nearly a million in 2022/23 compared to 21/22.

Given the challenging economic situation, let's take a glance at the financial help accessible to needy households this May and significant deadlines for those receiving benefits.

The Advantages Of Maintaining Your Social Life

In March, the typical disbursements for benefits and pensions will mostly be distributed as scheduled. These include:

If your payment is scheduled during any of the bank holidays in May, you should anticipate receiving it on the business day before said holiday.

If you have payments scheduled for the early May bank holiday (6 May), make sure to pay them on 5 May. For payments that fall on the Spring bank holiday (27 May), aim to pay them on 26 May instead.

The DWP has given a heads-up to half a million people receiving benefits that they will soon have to do something about it, as six 'legacy benefits' will be done away with and replaced by Universal Credit.

If you want to learn more about when and how state benefits are issued, you can check out the official website of the government.

A study by Policy in Practice revealed that approximately £19bn worth of benefits is not being claimed annually. They have a useful tool that can assist you in determining your eligibility.

Have the concerns discussed in this article impacted you? If so, don't hesitate to reach out through email at [email protected].

During the spring Budget, Jeremy Hunt announced that the HSF (Household Support Fund) will receive a 6-month extension beyond the initial deadline of 31st March.

The HSF, also known as the Homelessness Prevention Fund, financially supports local councils in assisting households in need within their community. Local governments have the flexibility to distribute the funds in a manner that they deem beneficial for their respective constituents.

For example, a few organizations have given money gifts, grocery coupons, or help with energy bills. To discover if there is still aid obtainable, visit your town's council webpage.

If you're curious about the available resources that may assist you, give the End Furniture Poverty charity's supportive aid locator a try. It's a useful tool!

The administration provides a 'budgeting advance loan' to those receiving Universal Credit who experience a sudden insufficiency of cash. Previously, the duration for repaying these loans was 12 months. However, it has now been extended to 2 years after the budget was announced.

"This type of borrowing comes with no interest charges, and the funds are automatically taken from your Universal Credit payment. You have the option to request an 'advance' of money up to a certain amount."

If you're having financial difficulties, you can qualify for various charitable funds. The grants available may vary depending on the situation you are facing.

Nonetheless, to access these grants, certain conditions must be met, and the amount available is often restricted.

There are grants that give aid to individuals who have disabilities, illnesses, care for others, recently lost a loved one, are jobless, students, and others alike. One can make use of a tool provided by Turn2us charity online to search for any grants applicable.

Many energy companies provide assistance to people who find it difficult to pay their energy bills. These companies include Scottish Power, EDF, E.ON, and Octopus. It is recommended to get in touch with your energy supplier to learn whether you qualify for their assistance.

Customers of any energy provider are able to apply for a grant of up to £2,000 from British Gas. However, meeting certain requirements is necessary before being eligible. To initiate the application process, one can visit the British Gas Energy Trust website.

If you fulfill specific requirements or receive particular benefits, you could be eligible to avail a deduction on your council tax payment, which could amount up to a complete waiver of the amount.

It's possible that your nearby council might give you a discretionary discount if you prove that you're experiencing significant difficulties and do not have the financial means to pay your council tax.

If you want to get a discount on your council tax, you can get in touch with your nearby council using the official government site.

available for working families Families who work can now receive up to 30 hours of free childcare per week for their children. This is great news for parents who struggle to balance their work and family responsibilities. The government is committed to helping working families and believes that providing affordable childcare is an important part of this. This initiative will allow parents to work, study or train for longer periods without worrying about expensive childcare costs. So if you're a working parent, make sure you check if you're eligible for this fantastic benefit!

Currently, in the UK, parents who work are allowed to receive 30 hours of free childcare for children from ages 3 to 4. However, starting on April 1st, this will change. Parents will now be able to receive an additional 15 hours of free childcare for children as young as 2 years old.

To apply for childcare, you need to submit an online application and verify your eligibility every three months, to ensure that you receive funding for the upcoming school term. If you're a working parent, you can also qualify for tax-free childcare, where you get a reimbursement of 20p for every 80p you spend on childcare services. The maximum annual reimbursement is capped at £500.

In the years to come, two additional enhancements to free childcare have been scheduled.

Energy Cap: Will It Drop Again In 2024?

In April, there was a decrease in the energy price cap to £1,690 which is £238 lower than its previous cap of £1,928 in January.

Trusted analysts from Cornwall Insight have foreseen a decrease in this number to £1,559.61 in July, followed by a minor increase to £1,631.44 by October.

The energy price maximum limit indicates the highest amount of money energy providers can demand per energy unit when customers are on a standard variable tariff, which is the majority of the households. This threshold is presented in the form of a yearly cost for a common living space.

The decrease in prices lately portrays the reduction in wholesale energy charges, which implies the money energy companies spend on obtaining their power and gas and then supplying it to residential properties.

While the decrease is considerable compared to the exceedingly elevated figures of the previous couple of years, the amount still stands approximately 1,000 pounds higher than the levels prior to the outbreak of the pandemic.

Will Benefits And Pensions Increase By 2024?

In April, both benefits and the state pension experienced an increase. The rise in benefits was in accordance with the September 2023 inflation rate and amounted to a 6.7 percent increase.

As a result of the triple lock guarantee provided by the government, the state pension experienced an uptick of 8.5 per cent to remain in step with the average increase of earnings. This uptick is recognized as the second highest boost, following a 10.1 per cent upsurge back in 2023.

Although, the state pension is given in arrears, which implies that it's paid at the end of the period it's meant for, it could take until May 6 for the newly adjusted amount to be received by everyone.