In this article, you will get to know about the Universal Credit New Rates 2024: What Are the New Universal Credit Rates? The UK Government delivers financial aid to its residents. These credits are made to deliver the cost of living on a monthly basis to eligible individuals and households.
Universal Credit New Rates 2024
These credits are provided by the DWP and set out the federal rates of benefits every year. For the year 2024, the credits will be increased from April, which will line up with the CPI and inflation. To know further essential details regarding the Universal Credit New Rates 2024, how much it will increase, and more, continue browsing this article.
Every year, the federal government sets up the new universal credit rates in the UK. Those rates will remain common for all the eligible households for a year. The Department for Work and Pension planned it according to the rising inflation and consumer prices index of Sep 2023.
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These rates are made after looking overall cost of living and inflation during a fiscal year. For 2024, the universal credit rates are going to be increased by 6.7 per cent. These rates will be applicable to the federal universal credits according there living status. The benefits of this credit can be around 670 pounds per/month if rates rise with the rising inflation.
What is Universal Credit?
Universal credits are the social security payment for the lower income working household. These are the monthly payments that are made for the housing benefits, the cost of raising their children who are disabled, and others. These grants are made every month, or sometimes they are paid twice a month to certain people in Scotland.
These credits are made to low-income, out-of-work or cannot work individuals. Individuals above the age of 18 years and under the state pension age with less than 16,000 pounds of total savings, and investments are eligible to receive these credits. But, these payments are made to those who live in the UK with their permanent residence.
What Are the New Universal Credit Rates?
The Secretary of State and Pensions revies the inflation and the benefits each year. These briefings are mainly set out for the universal tax credit rate that has to be accomplished for the next financial year. With the current inflation, the credits will rise by 6.7% that are made by lineing the CPI rate of inflation of Sep 2023.
From April 2024, the beneficiaries will receive the new Universal Credit rates of allowances that include:
- Single below the age of 25 years will receive £311.68 per month instead of £292.11.
- Joint claimers under the age of 25 years will receive £489.23 per month instead of £458.51.
- Single individuals above the age of 25 will acquire 393.45 pounds per month
- Joint Claimants above the age of 25 years will acquire 617.60 pounds per month
The basic and new pension age can increase by 8.5 per cent with a line growth of £221.20 per week for new state pension and £169.50 per week for basic state pension individuals.
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How to Claim Universal Credit?
Individuals can claim the credit via an online portal, but before that, you are required to have an account on GOV.UK through which you make a claim. The Joint Claimers are required to line and combine their account together. After creating or linking your account, you are required to follow the mentioned steps to claim the universal credits:
Step 1: Browse the leading portal of GOV>UK and enrol on it.
Step 2: Then, on the home page, go to the service option and apply for the Universal credits.
Step 3: Fill out the online application form with the required information and documents and submit the claim form.
The recipient will be able to claim the credit within 28 days, after approval, you will have an interview round to agree on certain conditions as a claimant commitment.
Before applying for claims, you are required to have your email address, telephone number, national insurance number, postcode, and nationality. For further more details you can contact the authorities at 0800 328 5644, for the disabled, 0800 328 5644. The helpline is open Mon to Fri from 8 AM to 6 PM.
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