March 2024 Benefits: It was formally declared this month that the United Kingdom would enter a recession by the conclusion of 2023. The announcement was made shortly after data maintained inflation at 4%, defying expectations of another increase but remaining significantly below the government’s target of 2%.
In light of this bleak economic environment, the ongoing cost of living crisis endures. Despite persistently elevated costs of utilities, food, and housing, millions of individuals struggle to afford these necessities.
According to research from the Joseph Rowntree Foundation (JRF), 73% of low-income families receiving Universal Credit were food insecure by the end of the previous year. To save money, one in six individuals reported turning off their refrigerator or freezer at some point.
The following is a concise synopsis of the state financial assistance that will be made accessible to low-income families in March, along with the anticipated disbursement dates for the funds:
Advantages of proceeding as usual
The schedule will largely govern the distribution of benefits and pension payments in March. The following are:
- Universal Credit
- State pension
- Pension credit
- Disability living allowance
- Personal independence payment
- Attendance allowance
- Carer’s allowance
- Employment support allowance
- Income support
- Jobseeker’s allowance
In contrast, if your payment due date coincides with Good Friday (March 29), you are anticipated to obtain your payment the day prior (March 28).
To obtain additional details regarding the payment schedule and manner of state benefits, kindly refer to the official government website.
Payment for living expenses
Notwithstanding the persistent fiscal constraints, the government has refrained from disclosing any intentions to prolong its cost of living payment program beyond February 2024.
Peter Matejic, Chief Analyst at the JRF, stated that the government granted families a reprieve through cost of living payments. Without them, individuals face a safety net for their income that does not protect against rising expenses like energy and food.
You should receive the final cost of living payment of £299 between February 6, 2024, and February 22, 2024, if you are eligible. The cost-of-living payment was available to recipients of particular benefits or tax credits. Universal Credit, Jobseeker’s Allowance, Working Tax Credit, Income Support, Pension Credit, Child Tax Credit, and Employment Support Allowance are some examples.
This payment follows several others that were completed in 2023:
- Initial cost of living payment of £301; disbursed from April 25 to May 17 (or May 2 to May 9 for individuals receiving tax credits but no other low-income benefits).
- Disability payment of £150, disbursed from June 20th to July 4th.
- Most individuals receive a £300 second cost of living payment between 31 October and 19 November.
- Pensioner payment of £300, disbursed in November 2023
Contact the DWP if you believe you were eligible for these payments but have not received them.
Alternative assistance is available when cost-of-living payments cease
Local municipal support
Household Support Fund (HSF) funding from the government will expire on March 31. There may still be time to apply, contingent upon your location.
The HSF provides all local councils with funding to assist vulnerable households in their jurisdiction. Councils are free to distribute the funds in any way they deem appropriate. Some have assisted with energy bills, financial grants, or supermarket vouchers, as an example. You must consult the website of your local council to determine what assistance may still be accessible.
Even though many councils have already rejected new applications, assistance may still be accessible beyond the HSF deadline. Certain councils persist in providing discretionary aid to economically disadvantaged households within their jurisdictions.
The End Furniture Poverty charity offers a helpful assistance finder application so that you can determine what support is available to you.
Local governments have requested an extension of the HSF beyond March 30, but no official announcement has been made yet.
A spokesperson for the Local Government Association, Cllr Pete Marland, stated, “At this time, there is no reason to reduce assistance. A significant number of households at risk still face substantial obstacles in meeting critical daily expenses, and the need for assistance has increased since the fund was first established.
New Zealand Benefits and Pensions: What to Expect in 2024 and Possible Increase?
Charitable grants
Individuals experiencing financial hardship may qualify for specific charitable grants. A diverse array of grants is accessible, contingent upon one’s particular circumstances. However, you will typically be required to satisfy specific criteria and offer limited funds in exchange for these grants.
Students, those who are disabled or ill, caregivers, bereaved, or unemployed, among many others, are eligible to apply for charitable grants. You might find help from the charitable organization Turn2us’ online grant search tool.
Aid from energy providers
Several energy providers assist customers who are unable to pay their energy obligations. Included among these are Octopus, Scottish Power, EDF, and E.ON. Contacting your energy provider to determine your eligibility is worthwhile.
British Gas additionally provides consumers of any energy provider with a grant of up to £2,000. To be eligible, you must satisfy certain requirements; to apply, please visit the British Gas Energy Trust website.
Will the energy price cap increase or decrease in 2024?
The Energy Price Cap has been increased from £1834 at the end of 2023 to £1928 as of January 1. According to forecasts by analysts at Cornwall Insight, this amount will decline to £1,660 in April, then £1,590 in July, before increasing to £1,639.97 in the final months of 2024.
On a standard variable tariff, the energy price cap is the maximum sum that energy suppliers may charge for each unit of energy. Including the majority of households. It is denoted as an annual utility statement for the typical household.
Prices have declined due to a decline in wholesale energy costs. Despite a substantial decline from peak rates observed in the previous two years, the annual amount remains nearly £1,000 higher than before the pandemic.
Will pensions and benefits increase in 2024?
Benefits and the state pension will increase in April 2024.
Jeremy Hunt announced in his autumn statement that he will increase benefits by 6.7%, which matches the rate of inflation as of September. Concurrently, he declared that state pensions would experience a 7.5 percent increase.
