Budget Speech 2024: R350 SRD grant ‘likely’ to increase

Finance Minister, Enoch Godongwana will deliver the Budget Speech. Will he announce an increase of the R350 Social Relief of Distress (SRD) grant?

BUDGET SPEECH TO INCLUDE INCREASE OF THE R350 SRD GRANT?

The SRD grant, which was originally introduced in May 2020 to help poor households at the height of the pandemic, has been extended before. Earlier in 2022, President Cyril Ramaphosa said the grant would come to an end in March 2023 and it was then extended to March 2024.

On Wednesday, 21 February, the Finance Minister is expected to announce an extension and a possible increase as President Cyril Ramapho announced during this year’s State of the Nation Address (Sona).

While delivering the Sona, Ramaphosa confirmed that the SRD grant will be extended and improved.

During his speech, Ramaphosa said they have seen the benefits of the R350 SRD grant since its introduction.

“In the midst of the pandemic, we introduced the special SRD Grant, which currently reaches some 9 million unemployed people every month. We have seen the benefits of this grant and will extend it and improve it as the next step towards income support for the unemployed.

“These grants and subsidies do much more than give people what they need to live. They are an investment in the future. Social assistance has been shown to increase school enrolment and attendance, lower drop-out rates, and improve the pass rate. South Africans are living longer than ever before,” he said.

A queu of people waiting in line for their R350 SRD grant. Image: Thamsanqa Mbovane.

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