A second additional COLA payment for vulnerable families is set to be paid out by the end of the week, the Department of Social Security said on Thursday.  

First announced in 2021, the scheme was launched during last year’s budget speech to help families deal with the cost of living crisis, with the first payment being disbursed in December. 

The mechanism aims to address the needs of people on social benefits and those who earn less than the average income. Last year it addressed those who earned less than the average income of €17,796.

They will receive a cheque once a year, with the amount based on their income during that particular year, as well as the number of dependent children in the family unit.

The average one can expect to receive is €643, with the lowest amount being €100.

The total payment for this round will amount to €2.7 million. The government said that €19.4 million have been invested so far in additional help disbursed to families to address the rising cost of living. 

The mechanism will continue to be disbursed permanently even after inflation reaches normal levels, the government added.