Budget Address 2024
Minister Hassan delivering his budget address (Photo: Contributed)

Government Announces Increase in Social Benefits and Priority Sector Projects in Budget Address 2024

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The Budget Address 2024 delivered by Minister Naadir Hassan unveiled significant changes in social benefits and outlined key projects for priority sectors in the country. The government’s budget for 2024 amounts to R10,640,628,966 and includes revisions to seven statutory benefits along with the introduction of a new benefit effective January 2024.

Several social benefits are set to increase, benefiting various groups in society. Children who have lost a parent will see an increase in benefits, while foster children and foster parents will also receive higher allowances. Additionally, expectant mothers and self-employed parents will receive increased maternity and paternity benefits. A new benefit targeting women with multiple births was introduced, providing additional support up to the child’s fifth year.

Minister Hassan emphasized that the revisions were the result of extensive consultations and aimed at creating an equitable and sustainable social benefits system. The government’s strategy includes formalizing benefit revisions to ensure they align with social and budgetary considerations.

In addition to social benefits, the budget outlines projects for priority sectors such as health, education, housing, sports development, and transportation. Significant allocations have been made for health and education sectors, including infrastructure improvements and support for students and professionals. The housing sector will receive funding for land bank projects and housing renovation schemes.

Other sectors like sports, community development, order and peace, and agriculture will also benefit from the 2024 budget. The government plans to enhance sporting infrastructure, support community initiatives, strengthen law enforcement, and promote sustainable farming practices.

Furthermore, tax policies are set to undergo revision to incentivize workers and support new businesses in priority sectors. The government aims to stimulate economic growth by providing tax exemptions and incentives for employers and introducing a tax holiday for new businesses. Measures to protect the environment, such as reducing excise tax on certain vehicles, are also part of the government’s initiatives.

For more detailed information on the government’s budget address and its impact on social benefits and priority sector projects, visit the nation.sc website to read the full article.