Benefits including Universal Credit and Jobseeker’s Allowance, as well as State Pension payments, may land in your bank account early this month – due to the slew of festive bank holidays
There might be a slight tweak to your DWP payments over the festive period.
With less than a fortnight until the big day, Brits across the nation are feeling the financial wrath of all those Christmas presents and stocking fillers. For many, it’s hard to get into the spirit of Santa Claus sneaking down our chimneys while we’re also grappling with spiralling energy bills and rising food prices.
Therefore, understanding exactly if and how your pension and, or, benefits are affected by the upcoming slew of bank holidays is important. It can help you budget and provide reassurance that your bank won’t be too empty over the big day.
The Department for Work and Pensions (DWP) has confirmed that payments due on Christmas Day (December 25), Boxing Day (December 26) and the day after (December 27) will be paid on Tuesday, December 24, aka Christmas Eve. Similarly, payments due on January 1 (New Year’s Day) will land in your account on December 31.
This doesn’t apply to Child Benefits which are only issued on Monday and Tuesdays and so aren’t affected by Christmas this year, which falls on a Wednesday. In Scotland, January 2 is classed as a bank holiday so any DWP payments slated for this day will be paid into your account early, on December 31 (New Year’s Eve). According to Daily Record, early payments are for the following benefits:
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For Tax Credits, which are usually paid every four weeks, expect to see your money on Christmas Eve if it usually lands on the 25th or 26th of each month. In Northern Island only, payments scheduled for December 27 will also be paid early on December 24.
Getting paid early, even if it is just by one or two days, might seem like a big perk. However, it’s important to remember that your payout the following month will return to normal. This means you will need to make sure your money lasts for longer – albeit only a couple of days maximum. If you’re going to be paid early in December, you do not need to do anything. The amount you receive should not be impacted and it will be sent to the same account as usual. If your payout date doesn’t fall on a bank holiday (aka December 24), there will be no change whatsoever.
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