Latest news with #Households
The Sun
3 days ago
- Business
- The Sun
DWP to make big changes to means-tested benefits including Universal Credit within DAYS
HOUSEHOLDS should be aware of a big change to means-tested benefits which is due to come into force in days. Payments received through the miscarriage of justice compensation scheme will no longer count as income when determining eligibility for support such as Housing Benefit and Universal Credit. 1 The government-funded programme gives payouts to those who have been wrongly convicted of a crime or had their conviction overturned. Under current rules, people who receive this reward may not be able to claim means-tested benefits as it can push their income above the eligibility threshold. But come Tuesday July 22, the Department for Work and Pensions (DWP) said it is no longer counting this compensation as capital when calculating these types of benefits. The new rules apply across Great Britain and Northern Ireland. It means individuals who have been awarded compensation for a miscarriage of justice will not have this payment included when assessing their eligibility for means-tested support. And if you previously could not claim the support because of the compensation payout, you could reapply. The DWP said: "Any compensation payments you received will not be taken into account as capital when calculating entitlement to these benefits. "You will need to provide a copy of your compensation award as part of the application process." If you are already claiming means-tested benefits but have received a payment, you should also report this as a change of circumstance. The department will be able to consider your benefits to ensure you are receiving the correct amount. Cost of Living payment updates — Thousands have just days to claim free £300 DWP cash You can report a change in your circumstances by visiting What are means-tested benefits? Means-tested benefits are awarded based on a person's financial situation. The types of means-tested benefits include: Pension Credit Universal Credit Housing Benefit income-based Jobseeker's Allowance income-related Employment and Support Allowance Income Support The support is only available to those who can prove that their income is under a certain amount. Plus, exactly how much you are entitled to can vary from person to person. For example, every £1 you earn from working, your Universal Credit payment goes down by 55p. Meanwhile, the maximum amount of savings you can have to qualify for Universal Credit is £16,000. Therefore, if you receive a sum of money that takes you over this threshold, you are likely to see your benefits stopped completely. If you have £6,000 or less in your bank account, this will not affect your Universal Credit claim. To qualify for Pension Credit, you must have less than £10,000 in savings.
Bloomberg
30-06-2025
- Business
- Bloomberg
Australians Get Retirement Savings Boost From July 1
By Good morning, it's Amy in Melbourne with your Tuesday newsletter on the first day of July. We'll have the latest markets news for you, and it's a big day for the superannuation industry... Today's must-reads: • Super contributions rise • House prices climb • Household battery scheme More money will be flowing into the retirement savings accounts of Australian workers with the superannuation guarantee rising to 12% today, a key milestone for the country's A$4.1 trillion ($2.7 trillion) pension system. House prices are up for a fifth straight month, fueled by the Reserve Bank's two interest-rate cuts this year. The Home Value Index advanced 0.6% in June, with every major mainland city recording a rise. A program to encourage households to buy batteries cuts the upfront cost of installation by about 30%. The program is part of efforts to absorb excess renewable energy and curb price swings.
The Sun
21-06-2025
- Business
- The Sun
Exact date 6.7million households on Universal Credit to get inflation-busting payment boost
MILLIONS of households on Universal Credit will receive a bumper pay rise within months. Almost seven million households claiming the benefit will see their standard allowance rise by more than inflation from April 2026. 1 This change will become law, pending Parliamentary approval of the DWP's Universal Credit and Personal Independence Payment Bill, which was introduced earlier this week. This means 6.7 million households could receive around £750 more per year in cash by 2030. The standard allowance is the basic payment for households on Universal Credit. Currently, single people under 25 receive £316.98 a month and couples under 25 get £497.55 a month. Meanwhile, single people over 25 get £400.14 a month and couples aged 25 or older receive £628.10 a month. Normally, benefit payments go up each spring to help people keep pace with the rising cost of living, like food, fuel, and household bills. These increases typically match the consumer price index of inflation from the previous September. But, the government has claimed that the four-year benefit freeze from 2015 to 2019 has caused millions of payments to fall behind rising inflation. As a result, from April 2026, the government wants to hike the standard allowance by more than inflation over the next four years. This means that by 2030, the amount a claimant receives will be almost 5% higher than if it had only risen to match inflation. Rachel Reeves delivers the Spring Budget in full The increases will be worked out by adding the inflation rate from the previous September, plus an extra fixed boost. These extra percentages will be set at: 2.3% for 2026-27 3.1% for 2027-28 4.0% for 2028-29 4.8% for 2029-30 The government wants to help more people return to work and rely less on incapacity benefits, which face huge cuts. To save £5billion a year by 2030, it plans to make PIP assessments stricter and freeze the extra health payments in Universal Credit for those unable to work. The government believes that raising the standard allowance for everyone while reducing the health top-up will make returning to work more financially worthwhile and possible. What is the Universal Credit standard allowance? UNIVERSAL Credit is a welfare scheme which was designed to combine several of the old "legacy benefits The standard allowance is the basic monthly payment provided to individuals or families who qualify. The amount you receive depends on your age and whether you're single or in a couple: Single, under 25: £316.98 Single, 25 or over: £400.14 Couple, both under 25: £497.55 Couple, one or both 25 or over: £628.09 You may also be eligible for additional amounts if you have children, have a disability or health condition, or need help with housing costs. Meanwhile, around 400,000 households receiving income-related employment and support allowance (ESA) are being urged to make the move to Universal Credit. The government is progressing with its plans to transfer all legacy benefit claimants onto Universal Credit, through a process referred to as "managed migration." The managed migration process officially began back in July 2022 after a successful pilot in July 2019. Since then, households receiving one of five legacy benefits, have been receiving postal notifications outlining the steps required to transition to Universal Credit. Upon receiving a migration letter, claimants are given up to three months to make the switch. Failure to act within this timeframe could result in the loss of existing benefits. The latest data from the Department for Work and Pensions (DWP) shows that 381,440 individuals lost their benefits after failing to act within this time frame. Initially, the government planned to transfer all ESA claimants to Universal Credit by the end of 2028. However, this deadline was brought forward to March 2026. How can I get help claiming Universal Credit? As well as benefit calculators, anyone moving from ESA to Universal Credit can find help in a number of ways. You can visit your local Jobcentre by searching at There's also a free service called Help to Claim from Citizen's Advice: England: 0800 144 8 444 Scotland: 0800 023 2581 Wales: 08000 241 220 You can also get help online from advisers at Will I be better off on Universal Credit? ANALYSIS by James Flanders, The Sun's Chief Consumer Reporter: Around 1.4million people on legacy benefits will be better off after switching to Universal Credit, according to the government. A further 300,000 would see no change in payments, while around 900,000 would be worse off under Universal Credit. Of these, around 600,000 can get top-up payments (transitional protection) if they move under the managed migration process, so they don't lose out on cash immediately. The majority of those - around 400,000 - are claiming employment support allowance (ESA). Around 100,000 are on tax credits, while fewer than 50,000 each on other legacy benefits are expected to be affected. Those who move voluntarily and are worse off won't get these top-up payments and could lose cash. Those who miss the managed migration deadline and later make a claim may not get transitional protection. The clock starts ticking on the three-month countdown from the date of the first letter, and reminders are sent via post and text message. There is a one-month grace period after this, during which any claim to Universal Credit is backdated, and transitional protection can still be awarded. Examples of those who may be entitled to less on Universal Credit include: Households getting ESA and the severe disability premium and enhanced disability premium Households with the lower disabled child addition on legacy benefits Self-employed households who are subject to the Minimum Income Floor after the 12-month grace period has ended In-work households that worked a specific number of hours (e.g. lone parent working 16 hours claiming working tax credits Households receiving tax credits with savings of more than £6,000 (and up to £16,000) Either way, if these households don't switch in the future, they risk missing out on any future benefit increase and seeing payments frozen.
Bloomberg
18-06-2025
- Business
- Bloomberg
BOK Warns of Inflation Risks From US Tariffs, Israel-Iran Crisis
While South Korea's inflation has stabilized near the central bank's 2% target, US tariffs and the Israel-Iran conflict are adding uncertainty to the outlook, according to the Bank of Korea. Households also remain burdened by high costs of essentials like food and housing, the BOK said in a semiannual review of inflation published Wednesday. Structural factors, such as housing price imbalances between metropolitan areas in Seoul versus the rest of the country, are keeping living costs high compared with other major economies, the central bank said.
Times of Oman
07-06-2025
- Business
- Times of Oman
Households feel inflation is easing in short and medium term: RBI Survey
New Delhi: Indian households' perception of current inflation in the country fell slightly, according to the Reserve Bank of India (RBI). As per the RBI's Households' Inflation Expectations Survey, the median inflation perception declined by 10 basis points to 7.7 per cent in May, down from 7.8 per cent recorded in March 2025. The survey also highlighted that expectations for inflation over the next three months remained unchanged at 8.9 per cent, while the one-year-ahead expectation declined by 20 basis points to 9.5 per cent. This indicates that households feel price pressures are easing, both in the short and medium term. Notably, fewer people now expect prices and inflation to rise compared to the last survey round. The Reserve Bank of India released the findings of its bi-monthly "Inflation Expectations Survey of Households" for May 2025, which reflects a softening in the public's view on inflation. The survey was conducted between May 2 and May 11 across 19 major cities and received 6,079 valid responses. The survey data showed that the easing of inflationary expectations was visible across key product groups such as food, non-food items, household durables, housing, and services. In particular, around 55 per cent of households now believe food prices will increase more than the current rate. Among product categories, the expectation of a price rise in the next three months was highest for food products (82.8 per cent), followed by housing (78.3 per cent) and non-food items (75.3 per cent). Looking one year ahead, 89.2 per cent of respondents expect a general rise in prices, although this number has moderated from previous rounds. The survey also pointed out demographic and regional differences. Retired persons and people above 60 years continued to perceive higher inflation compared to younger age groups. City-wise, people in Jammu, Kolkata, and Mumbai reported the highest inflation perception, while respondents from Bengaluru and Ahmedabad perceived inflation to be lower. Overall, the results suggested a marginal improvement in inflation sentiment among households, indicating greater confidence in the price situation. The Reserve Bank clarified that this survey reflects individual expectations and consumption patterns and may not necessarily align with official inflation data or the RBI's views.
