An update for those waiting on their £324 cost of living payment has been announced by the Department for Work and Pensions (DWP).

This next payment is the second instalment of the £650 cost of living aid that has been issued to those living on means-tested benefits. The majority of eligible claimants received their first instalment of £326 in July and are scheduled to receive the second instalment between November 8-23, however, those eligible for the cost of living payment through claiming tax credits have had longer to wait.

Most people that are eligible for the £650 cost of living payment tax credits received their first instalment between September 2-7. Yet previously, the DWP said that tax credit claimants would get the second instalment in the winter.

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However, it has now been confirmed that these claimants will receive the second instalment "shortly after people on the low-income DWP benefits have been paid". This indicates that the second instalment should be paid sometime after Wednesday, November 23.

Around eight million people are entitled to the full payment. These include people on Universal Credit, Income Support, Pensioner Credit, income-based Jobseeker's Allowance, income-related Employment and Support Allowance, child tax credits and working tax credits.

The cost of living payment is part of a series of targeted payments intended to help vulnerable people with rising bills and prices. This also includes a £150 disability cost of living payment and a £300 pensioner cost of living payment.

In addition, the government has also capped the average household energy bill at £2,500 a year as part of its Energy Price Guarantee. However, this is not an absolute limit and households may pay more than this depending on how much energy they use.

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