Universal credit rate increase- what does it mean for you?
Today, universal credit is increasing by 6.7%, giving people an average monthly boost of £39. This equates to £470 over the next financial year.
Every year, benefits rise in line with inflation, usually taken from the rate of the previous September.
How much universal credit will I get?
- £311.68 per month for single people aged under 25 (up from £292.11)
- £393.45 per month for single people aged 25 and over (up from £368.74)
- £489.23 per month for joint claimants both aged under 25 (up from £458.51)
- £617.60 per month for joint claimants both aged 25 and over (up from £578.82)
The government said: "In 2024/25, around 5.5 million universal credit families are forecast to benefit from uprating with an average annual gain for a family on universal credit estimated to be £470 (equivalent to an increase of around £39 per month), however gains will vary depending on the elements received by different family types."
Universal credit claims stop when you both reach state pension age.
Lydia Bell-Jones
With a background in banking, Lydia has been writing professionally for over five years. She is passionate about helping people improve their personal finances and has a particular interest in the connection between money and mental health.
Related posts
08 May 2024
Carer’s Allowance Supplement will be paid to carers in Scotland next month. Find out if you’re eligible
08 May 2024
With the government set to make £5bn from people failing to make the switch from legacy benefits to universal credit, find out what you need to do when you receive your migration notice.
08 May 2024
Benefit assessments could take longer to process because of strike action. Find out if you will be affected
07 May 2024
A leading academic has criticised government plans for overhauling personal independence payment (PIP). Find out how he believes the government could get more people off disability benefits.