Child Benefit Rise & Benefit Cap Lift: A Financial Boost

0:00In Lester, it's March 12th. Here's what is happening. Child benefit payments are set to rise next month, along with other department for work and pensions benefits, like universal credit and personal, independence payment. The increase matches last September's inflation rate of 3.8%. For the first or eldest child, weekly payments will go from 26 pounds and 5 pence to 27 pounds and each additional child gets 17 pounds and 90 pence, up from 17 pounds and 25 pence. These payments usually come every four weeks on a Monday or Tuesday, though they shift for bank holidays. Single parents or those on benefits like income support can get weekly amounts instead. Only one person per child can claim and it's for kids under 16 or under 20 if they're in a approved education or training. Parents earning under 60,000 pounds a year or with a partner below that will see the full boost. This helps cover everyday costs of raising kids. It's separate from the child element in universal credit, which replaced

1:03older benefits like child tax credit. In a bigger change, the two child benefit cap ends in April. That cap blocked extra universal credit or tax credits for third or later kids born after April 2017. Now, families with more kids could get about 292 pounds extra each month per previously excluded child over 3,000 five. 100 pounds a year. Overall, many families face a double win with these updates at the start of the new financial year. Officials say it will lift thousands of children out of poverty nationwide. Thanks to our sponsor for helping bring you this episode. Comfort you can hear. Sounds you can relax into. I S O L I S O L Pillo dot com.