The South African Social Security Agency (SASSA) has announced an increase in the old age grant for 2023-2024. This move aims to support the financial needs of older South Africans.
Finance Minister Enoch Godongwana revealed the increase during the budget presentation for the fiscal year 2023-2024. He stated that social assistance would rise by nearly 5%.
Summary of Old Age Grant
Aspect | Details |
---|---|
Announcement Date | Fiscal year presentation 2023-2024 |
Increase Percentage | Nearly 5% |
Old Age Grant Amount (60-74) | R2,090 as of October 1, 2023 |
Old Age Grant Amount (75+) | R2,110 as of October 1, 2023 |
Number of Recipients 2023-2024 | 17.5 million recipients for old age and child grants |
Future Recipient Projection | Increase to 19.6 million by March 2026 |
Government Spending Increase | More than R10 billion by 2025 |
SASSA Official Portal | https://www.gov.za/ |
The grants are provided to South African citizens, permanent residents, or refugees aged 60 and older. The eligibility criteria include not receiving any other social grants and having assets below certain thresholds.
Increase Details
As of October 1, 2023, individuals aged 60 to 74 will receive R2,090 monthly, up from R2,080. Those 75 and older will see their grant increase to R2,110, up from R2,100.
To qualify for the old age grant, applicants must meet specific requirements, including citizenship status and asset limits. Payments can be made through various means, such as direct deposit or at specified pay points.
Impact on Recipients
This increase is expected to benefit millions of older South Africans. It is part of the government’s effort to provide financial assistance to those in need.
The government plans to increase the number of grant recipients over the next few years. By March 2026, it is estimated that there will be 19.6 million grant recipients in South Africa.
Regular Reviews
SASSA regularly reviews and adjusts grant amounts to ensure recipients receive adequate support. Recipients are encouraged to stay informed about any changes by visiting the official SASSA portal.
The increase in the SASSA old age grant for 2023-2024 is a welcome development for many older South Africans. It reflects the government’s commitment to supporting its elderly population through financial assistance.
Frequently Asked Questions
What is the SASSA old age grant?
The SASSA old age grant is a financial assistance program for South African citizens, permanent residents, or refugees aged 60 and older.
How much has the old age grant increased for 2023-2024?
For individuals aged 60 to 74, the grant has increased to R2,090, and for those 75 and older, to R2,110.
Who is eligible for the old age grant?
Eligibility is for South African citizens, permanent residents, or refugees aged 60 and above, not receiving any other social grants, and meeting certain asset criteria.
How can recipients receive their grant payments?
Payments can be made through direct deposit, at specified pay points, or via arrangements for those unable to collect their grants personally.
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