While getting paid earlier may seem good, it does mean you will have to make your money last longer as you’ll have a longer wait until your next payment
Thousands of Universal Credit claimants should have received an early benefit payment today. You will have been paid early if you were due a Universal Credit payment this Monday (May 26) which is a bank holiday.
When benefit payments are due on a bank holiday, they normally arrive the previous working day. But while getting paid earlier may seem good, it does mean you will have to make your money last longer as you’ll have a longer wait until your next payment.
Universal Credit is claimed by more than seven million families and is paid by the Department for Work and Pensions ( DWP ). Universal Credit is made up of a standard allowance, which is the basic amount you get before any additional elements – for example, if you have children or are unable to work due to illness – or any deductions are taken into account.
If you work, there is a taper rate which reduces your maximum Universal Credit payment as your earnings increase. The taper rate is 55% which means 55p is deducted from your maximum Universal Credit payment for every £1 you earn.
Some people get a “work allowance” which is a set amount you can earn before your Universal Credit is reduced. There is also a childcare costs element, which allows working parents to reimburse up to 85% of eligible childcare costs for a child or young person, up to a maximum amount.
Universal Credit
Standard allowance
- Single under 25: £316.98 a month
- Single 25 or over: £400.14 a month
- Joint claimants both under 25: £497.55 a month
- Joint claimants, one or both 25 or over: £628.10 a month
Child element
- First child born before April 6, 2017: £339 a month
- First child born on or after April 6, 2017 or second child and subsequent child: £292.81 a month
- Disabled child element lower rate: £158.76 a month
- Disabled child higher rate: £495.87 a month
Limited capability for work
- Limited capability for work: £158.76 a month
- Limited capability for work or work-related activity: £423.27 a month
Carer element
Work allowance
- Higher work allowance (no housing amount): £684 a month
- Lower work allowance (with housing amount): £411 a month
Childcare costs element
- Maximum for one child: £1,031.88 a month
- Maximum for two or more children: £1,768.94 a month
Bank holidays in England and Wales
- Wednesday, January 1 – New Year’s Day
- Friday, April 18 – Good Friday
- Monday, April 21 – Easter Monday
- Monday, May 5 – Early May bank holiday
- Monday, May 26 – Spring bank holiday
- Monday, August 25 – Summer bank holiday
- Thursday, December 25 – Christmas Day
- Friday, December 26 – Boxing Day
Bank holidays in Scotland
- Wednesday, January 1 – New Year’s Day
- Thursday, January 2 – January 2
- Friday, April 18 – Good Friday
- Monday, May 5 – Early May bank holiday
- Monday, May 26 – Spring bank holiday
- Monday, August 4 – Summer bank holiday
- Monday, December 1 – St Andrew’s Day
- Thursday, December 25 – Christmas Day
- Friday, December 26 – Boxing Day
Bank holidays in Northern Ireland
- Wednesday, January 1 – New Year’s Day
- Monday, March 17 – St Patrick’s Day
- Friday, April 18 – Good Friday
- Monday, April 21 – Easter Monday
- Monday, May 5 – Early May bank holiday
- Monday, May 26 – Spring bank holiday
- Monday, July 14 – Battle of the Boyne (Orangemen’s Day)
- Monday, August 25 – Summer bank holiday
- Thursday, December 25 – Christmas Day
- Friday, December 26 – Boxing Day