Know the latest PIP Rates 2024: What Are New PIP Rates and Are There Any Changes So Far? All We Know So Far from here. The beneficiaries must check out the PIP Rates 2024 before receiving the weekly payment. This will ease the seniors plan out their living & expenses accordingly.
PIP Rates 2024
The change in the PIP will be for the financial year 2024-25. Around £3,000 is the cost of living for adults as well as individuals in the UK. The seniors have to manage the expenses with the state pension that tare receive. 6.7% will be the increase in PIP. The increase has been decided due to inflation and the higher cost of living expenses in the country.
The amount will be according to the daily living and the mobility component that the Department of Work and Pensions will transfer to the beneficiaries. This extra cost of living expenses would be effective for those who are no longer working due to the disability or were disabled from birth. We will discuss the PIP Rates in the tabular form further in the article.
What is Personal Independence Payment?
The citizens who are facing challenges of illness or disability can apply for PIP. The eligibility is that the citizens’s age should be more than that of their teenage. The citizens have to be eligible for the mobility and daily living components.
The citizens have to note that they have to be tax filers to receive the amount. The authorities will check the feasible amount transfer according to the financial statements that can be analyzed from the tax returns.
What Are New PIP Rates?
The New PIP Rates will be £72.65 to £108.55 for mobility (for the Daily Living Component) and the lower rate is £28.70 to £75.75 (for the Mobility Component). The comparison for the 2023-24 and 2024-25 is shared here:
|Daily Living Component
|Financial Year 2023-24
|Financial Year 2024-25
The table above represents the comparison of the components from the 2023 to 2025 fiscal years. The payment will be provided per week considering the higher and lower rates. In case, the beneficiaries have not received the payment then they can directly contact the concerned department.
Are There Any Changes So Far?
Considering the latest news, the inflation is higher which is why the DWP authorities found it convenient to increase the PIP amount. The anticipated changes will be according to a 6.7% increase. The citizens must also check the details of the PIP Increase for the present financial year. The predicted schedule is April 2024 for increasing the PIP amount.
Most of the senior citizens and the carers in the UL are waiting for the changes. However, they are in the midst that the amount will be revised. But this will be until March 2024. After that, the relevant modifications in the amount shall be acknowledged by the recipients.
All We Know So Far
Many people require long-term care irrespective of the age. This can be due to injury, accident, illness or by birth. Extra money is always helpful and that too weekly payment to care for such people. Either the carer or the close ones help the dependent in such a situation. Some of the important facts for the Personal Independence Payment are discussed in this section.
- The reason for starting this tax-free payment is to promote the financial stability among the senior citizens.
- The citizens will not have to pay the taxes for the PIP that they are getting monthly.
- The beneficiary has to be in the state pension age to receive PIP.
- The direct transfer method will be used to proceed with the payment.
- The application of the tax filers will proceed further.
The latest information can be checked from the appropriate portal as we have shared the predicted details in this article. Moreover, the eligible citizens must note that to claim the amount, they can call 0800 917 2222 or browse the relevant websites of DWP, IRS or the UK Government. Their queries should be in detail and must address to the specific problem.