Check the important details about the SRD Grant Extended Until 2025: Breaking News and Full Report for SA Citizens here. Around 19 million citizens are receiving these SRD payments. The news about the extension of this grant would provide a sense of relief to these individuals. Read the article to know more about the SRD Grant Extended.
SRD Grant Extended Until 2025
The government has extended the social relief funding until the next year. This social relief funding was introduced during the pandemic. The major reason for the implementation was to recover from the effort and the downfall of the global breakdown. The grant was initially made to be temporary funding for the welfare of the individuals. However, with the constant fluctuation in the economy, the program has been continued till today. As part of the SRD payment, the individuals receive a deposit of R350. Delivering the Medium Term Budget Policy Statement to the parliament, the finance minister said R34 billion had been allocated for the extension of the SRD grant by another year.
Since the finance minister has made up the budget for the coming fiscal year, the treasury revenue collection has been shrunk by R56.8 billion as commodity prices fell faster than expected. The moderate budget may not cause concern. The difficulty arises when the deficit is taking too long, requiring a higher level of borrowing that is unattached by improvement in the public service. It forecasts that the GDP growth to an average of only 1.4 per cent over the medium term.
- R2,090 Grant Payment
- SASSA Payment Dates
- Universal Basic Income
- SASSA Grant Changes
- SASSA Child Grant Increase
Breaking News
The government has announced for the extension of the SRD payment. Finance Minister Enoch Godongwana has released a statement regarding the extension of the SRD payment. The program is intended to be extended with the medium-term policy statements. The document supports that no solution has yet been found regarding the long-term financial crises in the country.
As per the current scenario, the SRD is expected to be extended. The president, Cyril Ramaphosa, said that the grant would be extended as it serves as a lifetime to millions of South Africans. At the annual cost of 16 million in funding, the program has become a perennial budget quandary. The MTBPS makes it plain that, simply put the government does not have much funding to make a long-term commitment regarding the release of the support grants. The treasury said ” a comprehensive review of the entire social grant system” was necessary to map beyond the year 2025.
Full Report for SA Citizens
The extension of the SRD grant till 2025 is a positive development that would provide much-needed support for South African citizens facing difficulties. This extension demonstrates the government’s commitment to supporting the citizens during the difficult crises. It shows the government is willing to take decisive actions to help those who are in need. This extension has been reactive with mixed reactions from the public. While many of them have welcomed this decision, others raised concerns about the long-term sustainability of the Great and its impact on the economy.
Despite the extension of the great, it comes with certain challenges to be faced. This includes the challenges of ensuring that the program would be able to read all the individuals. And that it is not subjected to fraud and abuse. Additionally, the government needs to ensure that the program will be sustainable for the longer term.
Conclusion
Certain other statements and regulations are being considered in regard to the extension of the grant. This includes that the programs would be increased only for the unemployed till 2026. The 2019 MTBPS noted that by 2040/41, the social assistance benefits, excluding the temporary COVID social relief of distress grant, were projected to increase to 22.5 million.
Necessitating the spending on social grants amounting to 3 per cent of the GDP annually. This is in line with the current grant spending, excluding the temporary grant. Suppose that or a similar type of the new grant is made permanent. In that case, benefits are projected to expand from 27.3 million in 2023/24 to 40.4 million in 2040/41, which will cost 3.8 per cent of GDP in 2040/41 and require a corresponding permanent source of funding, such as additional revenue measures.
In the current year, the amount of the SRD payment has been increased from R350 to R370. However, with the allotted funding, it would be hall; going to have these amounts to all individuals. There might be the possibility that the payments ahs been reduced in order to be reached to much of the citizens. As of now, there is no deadline provided for the released of the SRD payment.
