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SASSA Old Age Grant Increase 2023-24 Insights into the Rise and Impact

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SASSA Old Age Grant Increase 2023-24 Insights into the Rise and Impact

SASSA Old Age Grant Increase 2023-24 Insights into the Rise and Impact. If you’re keen on staying updated with the latest developments surrounding South Africa old age grant, you’re in the right place. This article delves into the specifics of the SASSA Old Age Grant Increase for the fiscal year 2023-2024, addressing the crucial question of how much the grant is set to increase.

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SASSA Old Age Grant Increase 2023-2024

Acknowledging the financial challenges faced by many older South Africans, the SASSA old-age grant is set to see an increase from 2023 to 2024. During the budget presentation for the fiscal year 2023–2024, Finance Minister Enoch Godongwana revealed a nearly 5% increase in social assistance. Projections estimate that 17.5 million recipients will benefit from old age and child assistance grants in 2023–2024, with expectations of a continued rise over the next three years.

SASSA Old Age Grant Overview

The Old Age Grant program provides essential financial support to South African citizens aged 60 and above. Recipients can receive up to R 2,090 per month, with an additional increment to R 2,110 for those aged 75 and above. Eligibility criteria include citizenship, permanent residency, or refugee status, and recipients cannot be beneficiaries of any other social grant. Asset limits are set at R2,455,200 for married individuals and R2,227,600 for singles.

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How Much Old Age Grant Will Increase?

Minister Godongwana’s announcement translates into an increase in the total amount awarded to grant recipients for the fiscal year 2023-2024. As of October 1, 2023, the Old Age Grant provides R2,090 to recipients aged 60 to 74, a slight increase from the previous R2,080. For seniors aged 75 and above, the SASSA Older Person Grant, formerly at R2,100, will now be R2,110.

Moreover, the government plans to increase grant expenditures to accommodate the growing number of grant recipients in South Africa, signaling a commitment to supporting the elderly population.

SASSA Old Age Grant Payment Mode

Upon approval of the grant application, recipients can expect payments through various methods, including cash at designated pay points, electronic deposits into bank or Postbank accounts, and arrangements with assisted living facilities. Recipients also have the option to designate a procurator or authorize someone to collect the award on their behalf. SASSA reviews grant amounts periodically, with communication of reviews or deadlines provided three months in advance.

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Conclusion

The Finance Minister’s announcement during the Medium Term Expenditure Framework (MTEF) underscores the government’s commitment to social development. With an anticipated increase in grant recipients, the government faces the challenge of enhancing grant spending by more than R10 billion in 2025. Recipients are advised to stay informed about any adjustments to SASSA award disbursements by regularly visiting the official government portal at https://www.gov.za/. We appreciate your choice to explore this article on the SASSA Old Age Grant Increase for 2023-2024.

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