350 srd grant 2023-2024

For millions of South Africans who have been devastated by the Covid-19 pandemic, the Social Relief of Distress (SRD) award has been a lifeline. The most recent development will likely please many award recipients.

Relief can now be felt by eligible R350 grant recipients because the grant has been extended for a further year.

The R350 grant will be extended until the end of March 2024, according to Finance Minister Enoch Godongwana, who made the announcement during Wednesday’s first Medium Term Budget Policy Statement in Parliament.

The government’s decision to extend the special Covid-19 Social Relief of Distress award by one year, until 31 March 2024, is the key factor driving revisions to spending plans in the medium term.

Godongwana noted that the choice was taken even though the government is still debating how to replace the award and is currently considering possible alternative options.

Due to the continuation of the SRD grant, other social benefits like old-age and disability payments would increase at a slower rate than inflation.

According to Treasury, the SRD grant will rise by at least 8.8% annually, potentially costing R64.9 billion in the fiscal year 2030–31 and putting public funds at risk.

In light of this estimate, the Finance Minister claims that the grant’s continued indefinite continuation will significantly affect the state’s financial stability.

Despite the provision in this budget, the speaker continued, “I want to underscore that any permanent extension or replacement will need permanent increases in revenue, permanent reductions in spending elsewhere, or a mix of the two.”

SOCIAL GRANTS