Finance Minister Iipumbu Shiimi has announced an increase in the Old Age and the Disability Grant by N$200 to N$1,600 per month effective on 1April 2024.
This comes as the late President Hage Geingob advocated for an increase in the monthly old-age grant from N$1,400 to N$2,000 or even N$3,000 per month.
“We fully recognise the dream of our departed President for a significant increase in the Old-Age Grant, but we cannot afford to deliver on his dream in a single financial year. Nonetheless, we will continue to work towards it with gradual increases over time, as resources permit,” he said on Wednesday in his 2024/25 Budget statement.
He said a provision to increase the frequency of food distribution to marginalised communities for N$170 million, and N$284.5 million to ensure full coverage of the Orphan and Vulnerable Children Grant, has been made.
“Over the MTEF, the vote will absorb N$24.5 billion,” the Finance Minister said.
This comes as the budget allocation for the Ministry of Gender, Poverty Eradication and Social Welfare increased by 23.2% to N$8 billion in the FY2024/25.
“The budget includes N$824.7 million to maintain the real value of the social safety nets in the face of high inflation and given the high dependence ratio,” Shiimi said.
According to the Ministry of Gender Equality, Poverty Eradication and Social Welfare, more than 618,000 Namibians survive on social grants.
