Pensioners to see additional £300 boost next year to help with bills

With no view of inflation rates slowing any time soon – and energy bills only set to increase – the Chancellor has announced further financial support for vulnerable households next year. Similar to this year, pensioners will receive another cost of living payment, worth £300, in 2023.Presenting the Autumn Statement to the House of Commons, Mr Hunt said: ‘For the most vulnerable we will introduce additional cost of living payments next year, of £900 to households on means-tested benefits; £300 to pensioner households; and £150 for individuals on disability benefit.’The support comes in his pledge to ‘protect’ pensioners and those most ‘exposed’ to high inflation.Pensioner cost of living paymentThe pensioner cost of living payment of £300 will come in addition to the means-tested benefit and disability payments, if eligible.READ MORE: Full new state pension to exceed £200 a week next year Cost of living payment: Pensioners to see additional £300 boost next year (Image: GETTY)A statement from the Treasury reads: ‘Pensioners are disproportionately impacted by higher energy costs, many are unable to increase their income through work, and many low-income pensioner households do not claim the means-tested benefits they are entitled to, so offering universal support for this group is the right thing to do.’The Department of Work and Pensions (DWP) will provide further detail on payment timings and eligibility dates in due course.Like this year, the payment will be tax-free and will have no impact on existing benefit awards.This additional support for pensioners comes as well as a state pension increase from April 23, in honour of the triple lock.DON’T MISS: House prices set to fall by 9%, OBR warns [ANALYSIS]Pet sitting and tutoring among ideas for boosting retirement income [INSIGHT]Vital rules for gifting wealth to avoid inheritance tax sting [EXPLAINED] The triple lock will be honoured in April 2023 (Image: EXPRESS)Addressing the Commons, Mr Hunt said: ‘I have talked a lot today about British values – of compassion, hard work, dignity, fairness.’There is no more British value than our commitment to protect and honour those who built the country we live in.’To the millions of pensioners who will benefit from this measure I say – now and always, this Government is on your side.’