Universal Credit recipients are set to receive a £465 increase in their annual benefits, taking the total yearly payout to £7,411.20, according to the Department for Work and Pensions (DWP).
The termination of Cost of Living payments, along with escalating costs for council tax, water, mobile and TV services, has intensified financial pressure on low-income households, including full-time workers who are also benefit claimants. However, there is a silver lining for those on Universal Credit as they will see a cash injection into their DWP benefits starting this week in the new fiscal year.
From April 8, several benefits have seen an ‘uplift’, leading to increased sums being transferred into bank accounts. The DWP confirmed in writing that the enhanced benefits payment begins from April 8, as reported by Leeds Live.
The government has declared that the uplift in Universal Credit will average around £470 per family per month, varying from at least £292.11 per month up to £617.60 depending on age and circumstances.
Those qualifying for the full amount of the standard allowances will receive £7,411.20, paid in 12 monthly instalments from April 8, 2024.
The Secretary of State for Work and Pensions must annually review benefit levels, with inflation-linked benefits and tax credits set for a significant 6.7% increase from April 2024, reflecting the Consumer Prices Index (CPI) inflation rate as of September 2023.
This government initiative is designed to ensure that the value of benefits keeps in step with rising costs, thereby helping individuals maintain their living standards. Starting April 8, 2024, Universal Credit recipients will benefit from increased standard allowances.
On the topic of the Universal Credit rise, the government has said: “In 2024/25, around 5.5 million Universal Credit families are forecast to benefit from uprating with an average annual gain for a family on Universal Credit estimated to be £470 (equivalent to an increase of around £39 per month), however gains will vary depending on the elements received by different family types.”
Benefit recipients are set to receive up to an additional £38.78 per month, which amounts to an extra £465.36 each year.
