The Social Relief of Distress (SRD) grant increase has finally come into effect, as announced by Finance Minister Enoch Godongwana on April 1, 2024. This means that SRD grant payments for April will have the increase in place.
Frequently known as the R350 grant due to its value, SRD grant beneficiaries will now receive R370 starting from April 1, 2024. This marks an R20 increase, equivalent to 5.7% of the previous R350 grant.
In his announcement, the Minister referenced the President's commitment in the State of the Nation Address to both continue and enhance the R350 grant. He stated:
I’m pleased to say we have found consensus that in between, subject to the finalisation of the comprehensive social security, we’ll increase the R350 to R370 by the 1st of April this year.
The SRD grant is distributed monthly to approximately nine million individuals in South Africa by the South African Social Security Agency (Sassa).
During the 2024 budget speech, Godongwana disclosed ongoing efforts to improve the COVID-19 Social Relief of Distress Grant by April 2024, ensuring these enhancements operate within the existing fiscal framework.
The President in the State of the Nation Address said that the R350 is going to continue and the R350 will be improved. I’m pleased to say we have found consensus that in between, subject to the finalisation of the comprehensive social security, we’ll increase the R350 to R370 by the 1st of April this year.
Although initially set to expire in March 2025, the Minister hinted at a possible extension until 2027, stating, "For the extension of the grant beyond 2025, We have made the point that it may work, we have to find some revenue source for it."
For the extension of the grant beyond 2025, We have made the point that it may work, we have to find some revenue source for it.
A budgetary allocation of R33.6 billion has been designated for the SRD grant in the 2024 financial year, with provisional allocations also earmarked for the subsequent two fiscal years. This indicates that, if deemed necessary, the grant's implementation could be extended until March 2027.
Sassa disburses SRD grant payments during the final week of each month following the completion of various verification checks to ensure that only eligible individuals receive the grant. According to Sassa, funds typically take 2 to 3 working days to reflect in the recipient's bank account after the payment has been processed.
