The Department for Work and Pensions (DWP) has revealed the code millions should look out for as they receive a £301 cost of living payment.

The DWP payment is being sent to more than 8 million households across the UK from today.

The boost, the first of five payments planned for this financial year, will land in every eligible account between April 25 and May 17.

Three cost of living payments will be sent out by the DWP this year, totalling £900, with a £150 payment also being made to eligible disabled people, while £300 will be sent to pensioners later this year.

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More than eight million people are eligible for payments, including those on Universal Credit, Tax Credits and Pension Credit.

The £301 payment will be sent out automatically and directly to recipients, meaning those eligible do not need to apply or do anything to receive it.

The reference code for bank accounts will be DWP COLP, along with the claimant’s National Insurance number.

When will DWP cost of living payments be received?

The exact dates for some payments are yet to be announced by the DWP, but this is when to expect each individual payment over the next year:

  • First cost of living payment - £301 – April 25 to May 17
  • Disability payment - £150 – Summer 2023
  • Second cost of living payment - £300 – Autumn 2023
  • Pensioner payment - £300 – Winter 2023
  • Third cost of living payment - £299 – Spring 2024

Who is eligible for DWP £301 cost of living payment?

The full list of benefit recipients that qualify for the upcoming Cost of Living payment are those who receive:

  • Universal Credit
  • Income-based Jobseekers Allowance
  • Income-related Employment and Support Allowance
  • Income Support
  • Working Tax Credit
  • Child Tax Credit
  • Pension Credit

The qualifying period for this payment is between 26 January and 25 February 2023.

To be eligible for the Cost of Living Payment, you need to have been entitled to a payment for one of these benefits between 26 January and 25 February 2023, or payment for an assessment period ending between these dates.