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.
“Alongside the increase to the minimum wage and delivering the biggest upgrade to workers’ rights for a generation, we will ensure benefits rise in line with the cost of living and change Universal Credit so loan repayments are capped – a move that would help up to an estimated 110,000 households in Scotland by on average £420 a year.
“We also want to encourage people to build up some financial resilience and save where they can.
“That’s why around 3,829 working people in North Ayrshire and Arran are eligible for a £1,200 bonus through our Universal Credit Help to Save scheme.
“The UK Budget protects working people in Scotland, delivers more money than ever before for Scottish public services and means an end to the era of austerity.”
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