Business

‘Should have got triple lock!’ £300 payment for pensioners under fire

[ad_1] Today News ||

In a poll by Express.co.uk, readers were asked: “Do you think the £300 one-off payment for pensioners is enough?” An overwhelming majority of those surveyed, 86 percent of respondents, said “no”, while only 11 percent clicked “yes” when asked if they thought it was enough. The Chancellor Rishi Sunak announced the support package last month as part of a wider financial aid package to address the cost of living crisis.

This one-off payment is available to those who are in receipt of the already-existing Winter Fuel Payment with around eight million pensioners being eligible for it.

Older people who were born on or before September 26, 1955 are able to get from £100 to £300 for their energy bills through the Winter Fuel Payment.

The payment is not taxable and does not impact a benefit recipient’s existing claims with the DWP.

Ads

Households are being told to prepare for the energy price cap to likely hit £2,800 in October this year which means many older Britons will be in further need of the extra £300.

READ MORE: Couple in shock as they realise they’ve spent £2,000 on just one trip to museum

For the Winter Fuel Payment in 2022/23, people who qualify and live alone and were born between September 25, 1942 and September 25, 1956, will get £500. If they were born on or before September 25, 1942, they will receive £600.

RELATED:  India’s booming young population to spur housing demand, predicts HDFC head

People who qualify and live with someone under 80 who also qualifies, will get £250 if they were born between September 25, 1942 and September 25, 1956. Those who were born on or before September 25, 1942 can claim £350.

Those who qualify and live with someone 80 or over who also qualifies can get £250 if they were born between September 25, 1942 and September 25, 1956. They can also get £300 if they were born on or before September 25, 1942.

Households who qualify and live with someone who gets certain benefits can get £500 if only one of the couple gets the DWP payment if they were born between September 25, 1942 and September 25, 1956. They will get £600 if they were born before the latter date.

DON’T MISS:

Despite the concern of many readers, financial experts have praised the Government’s latest intervention as welcome “relief” for some of the country’s most vulnerable people.

Jenny Holt, a managing director for Customer Savings and Investments at Standard Life, explained: “The one-off pensioner payment will provide some relief for pensioner households, who’ve had to navigate a challenging few months.

“Given that the state pension rose by less than inflation this year, many pensioners have found the rising cost of living environment tough, and particularly those who are eligible for this extra payment.

RELATED:  The Role of Scarcity in Bitcoin Price Determination: An Economic Analysis

“While pensioners will have to wait until later in the year to receive this extra income, it will still provide some respite ahead of the state pension triple lock being reinstated next year.”

A Government spokesperson said: “We recognise that millions of households across the UK are struggling to make their incomes stretch to cover the rising cost of living, which is why, in addition to the more than £22 billion announced previously, we are providing over £15 billion in further support, targeted particularly at those with the greatest need.

“This year we’ll support more than 12 million pensioners through our Energy Bill Support Scheme and Winter Fuel Payments. On top of this, all pensioner households will receive an additional £300 to help them cover the rising cost of energy this winter.

“We also continue to work with stakeholders to increase awareness of Pension Credit – including as part of a recently launched campaign – with take-up now at its highest level since 2010. Those receiving Pension Credit will also be eligible to receive an extra £650 Cost of Living payment.”

More Economy Business News Updates of Today Check Below

Today News || Business Today || World News || Headlines Today || Health || Technology News || Education News

Source

Show More

Related Articles

Back to top button