DWP COL payment is a benefit payment made by the UK government to eligible recipients to help them cope with the rising cost of living. The abbreviation stands for "Department for Work and Pensions, Cost of Living". The payment is made directly to recipients bank accounts and will appear on their bank statement with the reference code DWP COL, followed by their National Insurance number. The payment is automatic, and eligible recipients do not need to apply for it. The amount of the payment varies depending on the recipients circumstances. For example, in 2023, those who are eligible are set to receive a £300 instalment of the grant. If you see DWP COL on your bank statement, it means you have been paid the Cost of Living Payment.