Universal Credit provides people with valuable financial assistance if they are eligible to receive the payment. It is currently administered by the Department for Work and Pensions, with claimants expecting a payment regularly – once every month.
To be eligible for Universal Credit, a person must be over the age of 18, but under State Pension age.
They must also be resident in the UK, and have less than £16,000 worth of savings.
Universal Credit is designed to help individuals who are either on a low income, or who have found themselves out of work.
The benefit payment is made up of a standard allowance, available to all claimants, and then any extra amounts which may apply to a person’s circumstances are added on top.
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Those who are single and above the age of 25 can currently receive a slightly higher amount of £409.89 a month.
People who are in a couple where both members are under the age of 25 are entitled to receive £488.59 to split between them.
And those in a relationship where either partner is over the age of 25 can get £594.04 to share.
If a person has one or two children, they will receive an extra amount for each child, and those with three or more children will get a sum for at least two children.
And those with a disability or health condition will receive an amount if they have a limited capability for work.
It is worth noting, however that claimants’ circumstances are assessed every month.
This can ultimately have an effect on how much a person is paid for the entire assessment period.
Any changes in circumstances can alter how much a person receives in Universal Credit.
This is also the case for those who may recommence work, or begin to earn more money.
The government website explains: “Your Universal Credit payment will reduce gradually as you earn more.
“For every £1 you earn, your payment reduces by 63p. There’s no limit to how many hours you can work.”
The government does, however, advise Britons to use a benefits calculator to see how much they could be entitled to.
Such benefit calculators are available from a number of places online such turn2us, entitledto and Policy in Practice.
Britons will have to provide accurate information about savings, income and existing benefits.