When will I get £650 cost of living payment? Date of first instalment

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More than eight million households are eligible for a one-off cash payment of £650

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Eight million households will receive their first living expenses payment on July 14 (Picture: PA)

When will the £650 payment be made?

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Eight million households will receive the first installment of the £650 payment in their bank accounts on July 14, the Department for Works and Pensions (DWP) has confirmed.

From that date, £326 will be paid out for benefits to low-income households.

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The second tranche will then follow in autumn, with an exact date for the final installment still to be announced.

The £650 payment is part of a £1,200 support package that will be given to vulnerable households this year, which also includes a previously announced £150 tax refund.

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Work and Pensions Secretary Therese Coffey said: “As millions of the lowest income households soon see the first of two cash payments ending up in their bank accounts, we are taking action to help families directly with living expenses.

“This one-off payment, totaling £650, is part of our £37 billion living expenses support package, which will put an extra £1,200 into the pockets of those most in need.”

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Legislation confirming the £650 and other elements of the Government’s support package will be passed on Wednesday (15 June).

Mr Sunak said: “We have a responsibility to protect those who are paying the ultimate price for rising inflation and we are stepping up to help.

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“In July, more than eight million people will receive their first payment of £326 to help with soaring prices, as part of a package worth at least £1,200 for vulnerable families. I said we would stand by people if they needed help and we do.”

Who gets the €650 payment?

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Eight million low-income households receiving income-related benefits are eligible for the one-off payment, regardless of how much benefit you receive.

These types of benefits are means-tested, and to qualify, people must show that their income, savings, and capital are below a certain level.

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The payment of £650 applies to claimants of the following benefits:

  • universal credit
  • Labor Tax Credit
  • child allowance
  • pension credit
  • Income-related unemployment benefit
  • Income-related Employment and Support Allowance
  • social care

The DWP will transfer the payment directly to applicants’ bank accounts in two lump sums, the first to be paid from July 14 and the second in the fall.

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Payments from HMRC for those receiving only tax credits will follow shortly thereafter.

Those who miss out on the £650 will still benefit from some of the other payments being introduced by the government.

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Pensioners will receive a £300 payment of £2.5bn in November/December alongside the winter fuel payment, while £150 will be paid through September to those receiving disability benefits.

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