diff --git a/CHANGELOG.md b/CHANGELOG.md
index b88ef5615..df5e87317 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,11 @@
 
 ## Unreleased changes
 
+## 7.0.4
+
+- Fix a bug where the next payday time reported by the `GetTokenomicsInfo` query was
+  incorrect (#1240).
+
 ## 7.0.3
 
 - Fix a bug in the computation of the genesis height after the second protocol update. (#1237)
diff --git a/concordium-consensus/src/Concordium/GlobalState/Persistent/BlockState.hs b/concordium-consensus/src/Concordium/GlobalState/Persistent/BlockState.hs
index b578420f0..fc807f05b 100644
--- a/concordium-consensus/src/Concordium/GlobalState/Persistent/BlockState.hs
+++ b/concordium-consensus/src/Concordium/GlobalState/Persistent/BlockState.hs
@@ -2798,8 +2798,8 @@ doMint pbs mint = do
             bspBank bsp
                 & unhashed
                     %~ (Rewards.totalGTU +~ mintTotal mint)
-                    . (Rewards.bakingRewardAccount +~ mintBakingReward mint)
-                    . (Rewards.finalizationRewardAccount +~ mintFinalizationReward mint)
+                        . (Rewards.bakingRewardAccount +~ mintBakingReward mint)
+                        . (Rewards.finalizationRewardAccount +~ mintFinalizationReward mint)
     let updAcc = addAccountAmount $ mintDevelopmentCharge mint
     foundationAccount <- (^. cpFoundationAccount) <$> lookupCurrentParameters (bspUpdates bsp)
     newAccounts <- Accounts.updateAccountsAtIndex' updAcc foundationAccount (bspAccounts bsp)
diff --git a/concordium-consensus/src/Concordium/Queries.hs b/concordium-consensus/src/Concordium/Queries.hs
index d0ff53eba..37227e8fa 100644
--- a/concordium-consensus/src/Concordium/Queries.hs
+++ b/concordium-consensus/src/Concordium/Queries.hs
@@ -920,11 +920,20 @@ getRewardStatus =
             return $ epochToUTC <$> reward
         )
         ( \bp -> do
-            reward <- BS.getRewardStatus =<< blockState bp
+            bState <- blockState bp
+            reward <- BS.getRewardStatus bState
+            -- The reward status includes the next payday epoch. To convert this to a UTCTime,
+            -- we get the current epoch and the trigger block time (which we treat as the time of
+            -- the start of the next epoch) from the seed state. For each epoch after the next
+            -- epoch, we add the epoch duration to the trigger block time to get the time of the
+            -- payday.
+            ss <- BS.getSeedState bState
+            let nextEpoch = ss ^. epoch + 1
+            let deltaEpochs e = if e > nextEpoch then fromIntegral (e - nextEpoch) else 0
             BaseV1.CoreGenesisParametersV1{..} <- SkovV1.gmParameters <$> use SkovV1.genesisMetadata
             let epochToUTC e =
                     timestampToUTCTime $
-                        addDuration genesisTime (fromIntegral e * genesisEpochDuration)
+                        addDuration (ss ^. triggerBlockTime) (deltaEpochs e * genesisEpochDuration)
             return $ epochToUTC <$> reward
         )
 
diff --git a/concordium-node/Cargo.lock b/concordium-node/Cargo.lock
index 37a55117a..a339ca8f8 100644
--- a/concordium-node/Cargo.lock
+++ b/concordium-node/Cargo.lock
@@ -787,7 +787,7 @@ dependencies = [
 
 [[package]]
 name = "concordium_node"
-version = "7.0.3"
+version = "7.0.4"
 dependencies = [
  "anyhow",
  "app_dirs2",
diff --git a/concordium-node/Cargo.toml b/concordium-node/Cargo.toml
index 657d5753c..00ca61530 100644
--- a/concordium-node/Cargo.toml
+++ b/concordium-node/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "concordium_node"
-version = "7.0.3" # must be kept in sync with 'is_compatible_version' in 'src/configuration.rs'
+version = "7.0.4" # must be kept in sync with 'is_compatible_version' in 'src/configuration.rs'
 description = "Concordium Node"
 authors = ["Concordium <developers@concordium.com>"]
 exclude = [".gitignore", ".gitlab-ci.yml", "test/**/*","**/**/.gitignore","**/**/.gitlab-ci.yml"]
diff --git a/concordium-node/src/consensus_ffi/ffi.rs b/concordium-node/src/consensus_ffi/ffi.rs
index 1faddf7de..086121b6c 100644
--- a/concordium-node/src/consensus_ffi/ffi.rs
+++ b/concordium-node/src/consensus_ffi/ffi.rs
@@ -1977,12 +1977,11 @@ impl ConsensusContainer {
 
     pub fn send_finalization(&self, genesis_index: u32, msg: &[u8]) -> ConsensusFfiResponse {
         wrap_send_data_to_c!(self, genesis_index, msg, receiveFinalizationMessage)
-        .check_consistent()
+            .check_consistent()
     }
 
     pub fn send_finalization_record(&self, genesis_index: u32, rec: &[u8]) -> ConsensusFfiResponse {
-        wrap_send_data_to_c!(self, genesis_index, rec, receiveFinalizationRecord)
-        .check_consistent()
+        wrap_send_data_to_c!(self, genesis_index, rec, receiveFinalizationRecord).check_consistent()
     }
 
     /// Send a transaction to consensus. Return whether the operation succeeded