June 30th 2023.
As the cost of living continues to rise, many of us are looking for ways to make every penny count. For those claiming benefits, this is especially true. In August, Universal Credit will be replacing some legacy benefits in several regions across the UK.
The Department of Work and Pensions will be contacting those affected from August onwards, with people given three months to make the switch. Most people on legacy benefits will be better off after the switch, however around 300,000 people may receive less money. To make up for this, they are entitled to a top-up payment known Transactional Protection.
The rollout of managed migration will affect those on tax credits in the following areas: West Scotland, West Yorkshire, Staffordshire, Derbyshire and South London. Those on Income Support, income-based Job Seeker's Allowance and Housing Benefit, alongside income-related Employment and Support Allowance, will be moved to Universal Credit in 2024/2025. However, those who only receive Income-related Employment and Support Allowance will not be migrated until 2028.
It's important to be aware of the changes coming to Universal Credit, as it could make a big difference to your finances. Those who stand to lose out should wait as long as possible before making the switch.
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
