The next cost of living payments will be sent to people in February, the UK Government has said.

The first payment of 2024 will be worth £299 and issued to around 8million households.

Those eligible will get the cash paid between February 6 and February 22.

The cash sum is the third and final instalment of the current Cost of Living payments.

Jeremy Hunt, the chancellor said it is part of a £104billion package of support between 2002 and 2025.

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The overall measures include uprating benefits by 6.7% and increasing the state pension by 8.5%.

Hunt said: “Inflation has halved, but I know some families are particularly vulnerable to cost of living pressures, which is why these payments are so important.  

“The best way we can help families is by getting more people into good jobs, including through our Back to Work Plan which will help more than 1 million people look for work and grow the economy.” 

The £299 payment in February 2024 will be sent automatically by the DWP and HM Revenue and Customs, so eligible people do not need to apply or take any action to receive it.  

Mel Stride, Secretary of State for Work and Pensions, said:  “We’ve delivered on our promise to halve inflation, putting money back in people’s pockets, while also providing millions of households with unprecedented financial support to ease cost of living pressures. 

“We will always protect the most vulnerable, while ensuring fairness for the taxpayer. We know that the best way to secure long-term financial security is through employment, so we’re rolling out the next generation of welfare reforms to put thousands more people on a pathway off benefits and into work.” 

The DWP is also encouraging low-income pensioners not already getting Pension Credit to check their eligibility, as they could still qualify for the cost-of-living payment in February.

To qualify you must be receiving at least one of the following benefits: Universal Credit; Income-based Jobseekers Allowance;  Income-related Employment and Support Allowance;  Income Support;  Working Tax Credit;  Child Tax Credit;  Pension Credit .