2024 Old Age Grant Increase: Understanding the New SASSA Old Age Grant Amount

Updated on January 10, 2024

SASSA Old Age Grant Increase 2024-2024: Key Updates

In a bid to address the financial struggles faced by many elderly South Africans, the South African Social Security Agency (SASSA) has announced an increase in the old age grant for the fiscal year 2024-2024. With nearly a 5% increase announced by Finance Minister Enoch Godongwana, this benefit extension stands as a lucrative offer for older individuals who need financial assistance.

Expected Increase in Old Age Grant Recipients

The Finance Minister estimates a rise in the number of recipients for the Old Age Grant in the coming three years. Nearly 17.5 million people are projected to benefit from the old age and child assistance grants in 2024-2024.

2024 Old Age Grant Increase: Understanding the New SASSA Old Age Grant Amount

Understanding SASSA Old Age Grant

The Old Age Grants program of SASSA is for South African citizens aged 60 years and above. Depending on your age, you could receive up to R2,090 or R2,110 per month. Apart from age criteria, to avail this grant, you need to be a South African citizen, permanent resident or a refugee, not receiving any other social grant and your assets should not exceed the prescribed limit. The grant amount has shown a remarkable jump from R390 in 1994 to R2,090 in 2024.

SASSA Old Age Grant Increase: What’s in the Offing?

The total grant amount for recipients is poised to witness a significant increase in the fiscal year 2024-2024. With the increased pay-outs, recipients within the age group of 60-74 years will now get R2,090, up from the previous R2,080. For beneficiaries aged 75 years and above, the grant amount is bumped up to R2,110 from the earlier amount of R2,100. This move is reflective of the government’s efforts to enhance grant expenditures in the face of a burgeoning number of grant recipients in the country.

Payment Modes for SASSA Old Age Grant

On grant approval, recipients can avail the benefits from the date of application. Payments can be made via cash at designated points, electronic deposits to bank or Postbank accounts, or delivered directly to assisted living facilities. In certain scenarios, a procurator can be appointed or someone can be authorized to collect the grant.

Conclusion

The SASSA old age grant increase signals the South African government’s strong commitment to offering financial relief to the elderly population. With the Medium Term Expenditure Framework (MTEF) expected to net around R1.1 trillion for Social Development, grant spending is set to rise by more than R10 billion by 2025. We applaud SASSA’s ongoing efforts in evaluating and adjusting grant amounts to ensure adequate support for beneficiaries. Please stay updated with the latest information on this matter through the official website https://www.gov.za/.