SIGN a petition to bring the SASSA Basic Income Grant in 2024
Now you can SIGN a petition to introduce the SASSA Basic Income Grant that’ll remove million from poverty and boost the economy, say experts.
Introduction of a SASSA Basic Income Grant (BIG) in 2024 has been debated vigorously by government. On one side you have the National Treasury saying a SASSA Basic Income Grant would not be feasible. Amongst existing South Africa Social Security Agency grants and reduced annual tax revenue, it would simply cost too much.
You can click HERE to sign a petition that supports a SASSA Basic Income Grant for 2024.
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On the other side, you have civil society saying government has millions of South Africans hooked on grants with no other form of income. And they need help. At last count there were 27.3 million South Africans (45% of the population) receiving social grants. But only 7.1 million taxpayers (8% of the population) funding them.
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SASSA BASIC INCOME GRANT FOR 2024
So, how do you suppose the ANC can fund the Basic Income Grant? Keeping in mind 2024 is an election year, and introduction of such an endowment would be good at the polls. You can click HERE to sign a petition that supports the Basic Income Grant for 2024.
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In a report published on Business Tech the Institute for Economic Justice (IEJ) says increased taxes for wealthy South Africans would be sufficient. It says the Basic Income Grant would take millions of South Africans out of poverty and boost GDP growth by 2.2%.
WHO WILL BE ELIGIBLE?
IEJ says a SASSA Basic Income Grant (BIG) would be available to all eligible South Africans between the ages of 18- and 59-years old. It should be valued at the upper-bound poverty line of R1 417 per month. The BIG would also not impact anyone receiving other adult grants, such as Care Givers, Social Relief of Distress, War Veterans, Child Dependency, etc …
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Just a 1% wealth tax on the country’s top income earners would net R70 billion, which would be enough to fund the Basic Income Grant, says IEJ. Another possible funding model would a 2.5% Social Security Tax added to every wage earner’s paycheck each month (similar to UIF).
NARROW TAX BASE
A third option for a SASSA Basic Income Grant is an increase in Value Added Tax (VAT) at the tills. Finally, a combination of all three would also be feasible. However, IEJ warns that this is how the ANC intends to fund its controversial National Healthcare Insurance (NHI) scheme. And rhese, in concert, may create too much stress on South Africa’s narrow tax base.
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What do you think of a SASSA Basic Income Grant being introduced in 2024? Neccesary to alleviate poverty or will it put too much stress on the country’s stressed tax base? Be sure to share your thoughts with our audience in the comments section below. And don’t forget to follow us @TheSANews on X and The South African on Facebook for the latest updates.