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Social Relief of Distress grant extended to March 2024

The COVID-19 Social Relief of Distress (SRD) Grant – also known as the R350 grant – is expected to be extended to the end of March 2024. This as government continues to consider options for a replacement for the grant with no decision taken yet on how the replacement will be financed. Finance Minister Enoch Godongwana announced the extension of the grant during his presentation of the Medium Term Budget Policy Statement in Parliament on Wednesday afternoon. “The SRD grant was introduced in May 2020 as a temporary measure to respond to the needs of the most vulnerable, who were affected by [COVID-19 induced] lockdown measures. It has been extended several times since then. Discussions on the future of the grant are ongoing and involve very difficult trade-offs and financing decisions,” he said. As a result of the extension of the SRD grants, other social grants – such as old age grants and disability grants – will increase lower than inflation. According to Treasury, the SRD grant is ex

How Insurance works in South Africa

How Insurance works in South Africa


Insurance is a contract between an individual or entity (known as the policyholder) and an insurance company. The policyholder pays a premium, which is a specified amount of money, in exchange for the insurance company agreeing to pay for potential losses or damages as outlined in the policy.


The policy outlines the specific circumstances under which the insurance company will pay for losses or damages. For example, if the policy is for auto insurance, it might outline that the insurance company will pay for damages in the event of an accident, theft, or weather-related damage.


The amount of the premium that the policyholder pays depends on several factors, including the type of insurance, the level of coverage, and the individual's risk profile. The insurance company also takes into account its own risk exposure when determining the premium amount.


If the policyholder experiences a loss or damage covered under the policy, they file a claim with the insurance company. The insurance company then investigates the claim to determine if the loss or damage is covered under the policy. If it is, the insurance company pays out the amount specified in the policy, up to the policy limits.


Insurance is designed to protect individuals and entities from unexpected financial losses or damages. It is an essential tool for managing risk and providing peace of mind.



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Social Relief of Distress grant extended to March 2024

The COVID-19 Social Relief of Distress (SRD) Grant – also known as the R350 grant – is expected to be extended to the end of March 2024. This as government continues to consider options for a replacement for the grant with no decision taken yet on how the replacement will be financed. Finance Minister Enoch Godongwana announced the extension of the grant during his presentation of the Medium Term Budget Policy Statement in Parliament on Wednesday afternoon. “The SRD grant was introduced in May 2020 as a temporary measure to respond to the needs of the most vulnerable, who were affected by [COVID-19 induced] lockdown measures. It has been extended several times since then. Discussions on the future of the grant are ongoing and involve very difficult trade-offs and financing decisions,” he said. As a result of the extension of the SRD grants, other social grants – such as old age grants and disability grants – will increase lower than inflation. According to Treasury, the SRD grant is ex

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