SRD provide prolonged to March 2024
- SOURCE : https://www.sassa.gov.za
The COVID-19 Social Relief of Distress (SRD) Grant – additionally acknowledged as the R350 supply – is anticipated to be prolonged to the stop of March 2024.
This as authorities continues to reflect onconsideration on preferences for a alternative for the provide with no choice taken but on how the alternative will be financed.
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Finance Minister Enoch Godongwana introduced the extension of the furnish in the course of his presentation of the Medium Term Budget Policy Statement in Parliament on Wednesday afternoon.
“The SRD provide used to be added in May 2020 as a brief measure to reply to the wishes of the most vulnerable, who have been affected by way of [COVID-19 induced] lockdown measures. It has been prolonged various instances for the reason that then. Discussions on the future of the supply are ongoing and contain very challenging trade-offs and financing decisions,” he said.
As a end result of the extension of the SRD grants, different social offers – such as ancient age promises and incapacity supplies – will expand decrease than inflation.
According to Treasury, the SRD provide is predicted to develop with the aid of at least 8.8% each and every yr and its economic implications ought to attain some R64.9 billion in the 2030/31 economic yr – casting an influence on the sustainability of the public purse.
In mild of this estimation, Godongwana stated indefinite continuation of the supply will have a serious influence on the balance of the public purse.
Despite the provision made in this budget, I choose to reiterate that any everlasting extension or substitute will require everlasting will increase in revenue, discount rates in spending elsewhere, or a mixture of the two. –