In this article, we have included all the relevant information on the Old Age Grant Changes In April 2024. The fact that grants typically don’t need to be repaid makes them a very popular financing choice for senior citizens. The cost of living in South Africa is a major factor in the Old Age Grant Change process. Read out till the end to know more.
Old Age Grant Changes: Overview
| Article | SASSA Old Age Grant Increase 2023-2024 |
| Provided By | Republic of South Africa |
| Administered by | South African Social Security Agency |
| SASSA Old Age Grant Eligible Age | 60+ |
| Old age Grant amount 2022 | R1,985 |
| Old age Grant amount 2023 | R2,090 |
| SASSA Online Portal | https://www.gov.za/services/social-benefits-retirement-and-old-age/old-age-pension |
Developing nations, such as South Africa, have well-furnished strategies for their elderly residents. Some employees may not have enough money saved for retirement, even though they are fortunate enough to earn a respectable salary. SASSA will offer significant savings on gas, electricity, water, housing, and school funding in 2024 through several assistance and initiatives.
These social welfare initiatives might be viewed as instruments for reducing poverty. After they reach the regular retirement age, Senior Citizens in South Africa are eligible to receive an Old People Grant. They will receive the new amount directly credited to their bank account if they have already been recipients of the scheme.
Old Age Grant Eligibility
Grants are an essential component of retirement plans for millions of working-class retirees. Before collecting the retirement fund, the applicant must fulfil certain asset and income requirements. Below are some qualifying criteria.
- The claimant must be South African or possess permanent residency.
- The senior must be 60 or above to access the amount.
- The annual income must not be beyond R86 280 for the single.
- For legally married, the yearly income must not exceed R172 560.
The precise amount may vary based on government regulations, so it’s important to regularly visit the SASSA website or get in touch with them directly to find out the most recent details.
What Are Possible Old Age Grant Changes In 2024?
The Old Person’s Grants are easily available to seniors who are 60 years of age or older and would like a retirement fund to sustain themselves and their families but are unwilling to work any longer.
The Old Age Grant will provide respite from the rising expense of living, and pension payments for the elderly may be increased. Pensioners will generally receive larger benefits under the new old age grant. This isn’t always the case, though, as grant payments may also be influenced by things like length of service and salary.
In the most recent budget speech, Finance Minister Enoch Godongwana said that grants will be disbursed in the coming month and continue until the following month. The Old Age Grant will get an increase of R100 in April 2024. In addition, grants for foster care and child support will increase to R50 and R20, respectively.
Old Person’s Grant Payment Amount 2024
Beneficiaries will begin receiving the Old Age Grant by direct deposit to their bank account or the closest post office location as soon as their application is accepted. If you have closed or deactivated the previous bank account associated with SASSA, be sure to change the bank data.
If your application is rejected, don’t panic. Every rejection is an opportunity to learn and improve your chances of receiving the pension. Seniors who are 75 years of age or older will receive funding of R2100 in April 2024. While those who are younger will receive R2080. Read the article’s last section to learn about the payment dates.
Please gather all supporting documentation, including proof of identity, proof of residency, proof of income, proof of assets, and proof of bank account (if you are a new applicant for the Old Age Grant).
The Old Age Grants will be paid on the below-mentioned date.
| Type Of Grant | Payment Date | Amount |
| Old Age Grant | 5 April 2024 | R2100 (75 years or above) |