More than 15,000 low paid Ayrshire workers eligible for £1,200 savings bonus as part of UK budget reforms

dailyrecord.co.uk:

More than 15,000 low paid workers in Ayrshire could be eligible for a £1,200 saving bonus as part of reforms made in the UK Budget.

People in work and claiming Universal Credit can take part in the Help to Save scheme which can see savings boosted by a 50-per cent Government bonus.Any working person on Universal Credit can save some of their earnings towards the scheme by depositing up to £50 per month.A £600 bonus is available after saving for two years and a further £600 after four years.From April 2025, this scheme will be open to all working Universal Credit claimants earning £1 or more and the bonuses will be calculated on net contributions in each six-month period.In total, 15,165 workers across Ayrshire are eligible for the scheme.

The move has been welcomed by North Ayrshire and Arran MP Irene Campbell who says this will make the scheme easier to understand and give savers more flexibility to withdraw their savings when needed without losing out on future bonus opportunities.

The reforms follow changes to Universal Credit announced in the UK Budget which the UK Government have said will leave an estimated 110,000 households in Scotland on average £420 better off.Commenting, Ms Campbell said: “The UK Budget ended the era of austerity and delivered change by putting more money in people’s pockets.The Ayrshire Live app is available to download now.Get all the local news in your area – plus features, football news and the latest on the coronavirus crisis – at your fingertips 24/7.The free download features the latest breaking news and exclusive stories while you can customise your page with the sections that matter to you.The Ayrshire Live app is available to download now on iOS and Android.“Alongside the increase