Great news! Finance Minister Enoch Godongwana has announced a 5.7% increase in the Social Relief of Distress (SRD) grant, commonly known as the R350 grant. This means that starting in April 2024, the grant will be increased from R350 to R370.
Recently, on March 13th, 2024, Minister Godongwana made an important announcement during his session in the National Assembly.
I am pleased to say that we have found consensus that in between, subject to the finalization of the comprehensive social security programme, we’ll increase the R350 to R370 by the 1st of April this year. That is part of the progressive realization of the basic rights of our people.
Finance Minister Enoch Godongwana
Budget Allocation for Social Grants 2024/2025
The government has set aside provisional allocations for the years 2025/26 and 2026/27 to continue supporting the implementation of the SRD grant. This decision follows a budgetary allocation of R33.6 billion for the year 2024/25.
With these provisions in place, there’s a possibility that the grant’s implementation could be extended until March 2027, providing continued assistance to those in need.
During the Medium-Term Budget Policy speech on November 2nd, 2023, Finance Minister Enoch Godongwana shed light on an important matter:
“If a new grant, similar to the SRD, becomes a permanent fixture, the number of beneficiaries is expected to grow from 27.3 million in 2023/24 to 40.4 million in 2040/41. This expansion will require 3.8% of GDP in 2040/41 and necessitate a permanent source of funding, such as additional revenue measures.”
In essence, the future of SRD grants appears promising, provided the government secures permanent funding. We anticipate further developments in the next budget announcement.
Read More: Increase in Social Grants
Conclusion
This article provides important information about the increase in the SASSA SRD R350 Grant to R370, effective from April 1st. By staying updated with this news, readers can benefit from a 5.7% rise in support, which can make a significant difference in their lives.
Additionally, the article discusses the government’s commitment to continuing the SRD grant beyond 2024/25, highlighting the potential extension until March 2027.
This information empowers readers to understand the implications of these changes and plan their finances accordingly.