People at higher risk of fuel and food price rises will receive the first two financial assistance payments from the government within the next few weeks.

Energy support payments worth £300 each will be paid to people who receive an income-related benefit, such as income support or employed person’s allowance, and who are responsible for paying housing costs or can be treated as such.

Payments will be made to qualifying individuals between October 13 to 27 and again in December. The exact payment date will depend on which income-related benefit they’re getting and how they’re paid it.

The total cost of these two further rounds of payments is estimated to be just over £2 million, and will benefit up to 3,500 households, according to the government.

Family support payments worth up to £400 each – depending on family size – will be paid to people who receive child benefit.

Payments will be made to qualifying individuals in November and again in late December or early January. The exact payment date will depend on how they’re paid child benefit.

The government has said this measure will reach more than 6,000 families in the island, and the total cost of these two further rounds of payments will be around £3.7 million.

Treasury Minister Dr Alex Allinson said: ‘With household expenditure expected to come under pressure this winter, I hope this further tranche of support payments later this month will help individuals and families budget effectively.

‘These payments represent a commitment by the Isle of Man Government to assist those most affected by the increased cost of living through a period of global economic turbulence and rising fuel and energy prices.

‘Treasury is carrying out further work on supporting other members of our society such as pensioners and those on low incomes.’

Direct support provided by the government since January 1, including the latest payments, totals £12m.

Previous payments include the energy support payment (three rounds in April, October and December), family support payment (three rounds in April, October and December), winter bonus, variable rate winter bonus, additional winter bonus, additional variable rate winter bonus, and the long term benefits support payment.

Electricity prices are also being capped at their current level until March 31, 2023. This is being funded through an Isle of Man Government loan to Manx Utilities of up to £26 million.