Millions of eligible people are set to receive the second of 2023/24’s Cost of Living Payments in the coming weeks.
As the cost of living – from eye-watering energy bills, to rising phone costs, to the uplift in food prices – continues to put pressure on households across the UK, it will surely be a welcome financial boost.
Those who are eligible will receive a £300 support payment some time in the autumn – although the exact date is not confirmed, it’s expected to be around October or November.
So, you might notice on your bank statement or on your banking app that, along with any usual benefit payments, there’s a new reference to ‘DWP COL’ popping up.
What does that mean exactly?
If you see ‘DWP COL’ in your bank account, it means you’ve been paid the Cost of Living Payment.
The letters are a reference, and will appear alongside your National Insurance (NI) number, accompanying a payment of £301.
So, DWP stands for ‘Department for Work and Pensions’ and one can presume that COL stands for ‘cost of living’.
Gov.uk states on a page about the payment: ‘The [DWP] will send payments automatically and directly to recipients’ bank accounts, with a reference of their National Insurance number followed by ‘DWP COL’.’
Keep in mind that if you’re eligible to receive the bumper payment, you don’t need to apply for it.
Don’t be alarmed if it doesn’t show up immediately, as payments are due to be staggered over the next few days and weeks.
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If you receive tax credits and no other benefits, however, your payment will be paid between May 2 and May 9 by HMRC – and your banking reference will be ‘HMRC COL’.
Again, this is all automatic, so if you’re eligible you won’t need to apply.
Work and Pensions Secretary Mel Stride says: ‘This latest additional payment will be welcomed by millions of families – as will further payments due over the next year.
‘We have continually supported those most vulnerable to rising costs, including through record benefits and national living wage increases as well as these exceptional Cost of Living Payments responding to the global pressures we are facing.’
