Every year, the government reviews and adjusts the amount of Universal Credit. This is because the cost of things we buy, also known as the cost of living, often increases over time. For instance, in 2023, the government increased the Universal Credit by 10.1% to help people cope with the rising cost of living. This increase means that on average, people will receive an extra £600 in 2024.
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Extra £578.82 Monthly Universal Credit Payment
The amount of Universal Credit people receive is not fixed. It changes based on the increase in the cost of living. For example, in April 2024, the amount of Universal Credit will increase by 6.7%, which is in line with the rising cost of living.
Understanding Universal Credit
Universal Credit is a monthly financial support given to people in the UK who are in need. It is especially helpful for people who don’t earn much money, can’t work because they are sick or disabled, don’t have a job, or are looking after someone full time. The Department for Work and Pension, a part of the UK government, provides this financial support to over 20 million people.
The Benefits of Universal Credit
In 2024, the government plans to increase the amount of Universal Credit and provide more financial support to eligible people. Universal Credit is made up of six different types of benefits, which are all paid together at once. These benefits are designed to help people with different aspects of their lives. They include:
- Income support: This is money given to people who don’t have enough to live on.
- Jobseeker’s Allowance (JSA): This is money given to people looking for work.
- Employment and Support Allowance (ESA): This is money given to people who can’t work because of illness or disability.
- Child tax credit: This is money given to people who have children.
- Housing benefits: This is money given to people to help them pay their rent.
- Working tax credit: This is money given to people who work but don’t earn much.
Who is Eligible for Universal Credit?
To receive Universal Credit, people need to meet certain criteria. They need to be 18 or older but younger than the state pension age and live in the UK. They also need to earn a low income or be out of work. In some cases, people who are 16 or 17 can also receive Universal Credit. Additionally, people must have less than £16,000 in savings, investments, and money.
How Much Money Will People Receive?
The amount of Universal Credit that people receive depends on their situation. Here’s a detailed breakdown:
- If you’re single and under 25 years old, you’ll receive £292.11 each month.
- If you’re single and 25 years or older, you’ll receive £368.74 each month.
- If you’re in a couple and both of you are under 25 years old, you’ll receive £458.51 each month.
- If you’re in a couple and both of you are 25 years or older, you’ll receive £578.82 each month.
The government will give these amounts of money to eligible people. This money helps people and their families pay for the things they need, especially when the cost of living increases. In 2024, people will see some big changes in Universal Credit.
In Conclusion
The amount of Universal Credit people receive changes based on the increase in the cost of living. The Department for Work and Pension considers the increase in the cost of living and then decides how much Universal Credit to give people.
This money is then paid directly into people’s bank accounts. In 2024, Universal Credit will increase by 6.7%. This means people will receive more money to help with their daily expenses. This is one way the government is trying to help people cope with the rising cost of living.
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