SA Post Office needs R1 billion from Postbank to pay social grants

Jamie McKane

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SA Post Office needs R1 billion from Postbank to pay social grants

The SA Post Office is begging Postbank for R1 billion so that it will be able to fund 13 million social grants for October 2020, the City Press reports.

Following the corporate separation of the two SA Post Office and Postbank, the former has needed to source pre-funding for social grants itself, with the Postbank operating independently under stricter banking regulations.
 

John Tempus

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Hold on.... Why would it be the post offices job to secure funding for social grants? Doesn't that money come from a national pot? What's happening here?

Already got allocated and funded but the Post Office more than likely "made it vanish" by accident of course.

SASSA allocations have been looted by the Post Office is the best guess but hey we just mark that down as "mismanagement" and beg for more money.
 

R13...

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Hold on.... Why would it be the post offices job to secure funding for social grants? Doesn't that money come from a national pot? What's happening here?
I assume it's the cost for paying grants not grants themselves. They distribute grants only. They don't get to keep the money for the year or something.
 

John Tempus

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Commence the Zondo 2.0 commission for the next 10 years to find out where the SASSA grant money went.

In the mean time lets bail out the Post Office theft until we find those naughty thieves.

All is well people, all is well.
 

John Tempus

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Ive just solved the Post office financial issues.

I send them via the Post Office the following , I hope it covers the expenses. The main question now, will the post office deliver my package in time to pay the SASSA grants.

makemoneygreatagain.jpg


On a serious note, you can order these notes at a cost of R 2,038.00 Incl Vat from truefair. LMAO.

" Its 100-trillion-dollar note is worth just 40 U.S. cents. " - 2015

That is quite literally higher price than these notes were ever worth to begin with.
 

Herr der Verboten

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SA Post Office needs R1 billion from Postbank to pay social grants

The SA Post Office is begging Postbank for R1 billion so that it will be able to fund 13 million social grants for October 2020, the City Press reports.

Following the corporate separation of the two SA Post Office and Postbank, the former has needed to source pre-funding for social grants itself, with the Postbank operating independently under stricter banking regulations.
They should have eaten more kfc to add hope.
 

supersunbird

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I assume it's the cost for paying grants not grants themselves. They distribute grants only. They don't get to keep the money for the year or something.

But they should surely be covering their costs with the admin fee?
 

markings

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Does it really cost the Post Office R77 to pay out a grant?

A bank account now costs less than R5 and a bank transfer certainly less than that. Why not give every recipient a bank account and card? It would be far cheaper.
 

chrisc

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SASSA do pay the PO for distributing the money, just as they pay Grindrod Bank for loading it into beneficiaries accounts (for an exhorbitant sum)

Seems no-one is capable of being honest today. Every tiny opportunity is scrutinised to see if something can be skimmed off, or diverted for personal gain
 

TheChamp

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Does it really cost the Post Office R77 to pay out a grant?

A bank account now costs less than R5 and a bank transfer certainly less than that. Why not give every recipient a bank account and card? It would be far cheaper.
The Sassa card can be used at any ATM, those who are prepared to stand in a long queue at the Post Office do so because they don't have much in terms of choices.

You will be surprised just how much of a chore it is just to get a couple of bucks from an ATM in rural areas, I won't bore you with the details but believe me when I say for many people in rural areas the Post Office is more convenient that banks.
 

TheChamp

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SASSA do pay the PO for distributing the money, just as they pay Grindrod Bank for loading it into beneficiaries accounts (for an exhorbitant sum)

Seems no-one is capable of being honest today. Every tiny opportunity is scrutinised to see if something can be skimmed off, or diverted for personal gain
But it's understandable that when dealing with government you should have your own money to carry out your obligations while waiting for them to pay you. Post Office seems to be struggling because they are broke and cannot afford waiting for government to pay the money over at their own time.
 

Oldfut

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Does it really cost the Post Office R77 to pay out a grant?

A bank account now costs less than R5 and a bank transfer certainly less than that. Why not give every recipient a bank account and card? It would be far cheaper.

I don't think it "costs" that I think they need that. Say R10 to open the bank account and transfers; a few ront for the manager, a few for the tenderpreneurs doing security, paper etc etc, a few for the baas at head office, a few for the deputy minister, minister, Luthuli House and a couple of mates. Eish, she's gone!
 

Slegdehammer67

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This should NOT come as a surprise to anybody...it's an unwritten rule [btw, it does not give a flying fcuke whether you're black and/or white, fat and/or thin, etc] if you just spend money willy nilly AND on top of that money given to you, you embezzle it as well AND finally, you are not even qualified to do the job because you were a 'token' appointment? All I can say to you is good luck in trying to make anything a financial success.

In fact, you have two chances: 1. No chance 2. No chance at all

Then something comes along like the Con Virus...
 

trenton

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The exact moment the poo office imploded can be tracked to an internal investigation at the sorting hubs when a huge amount of staff were caught stealing parcels on camera. Suspensions ensued but the unions bosses cried foul because no one told them about the cameras.
The poo office paying customers saw this and said, "**** that, let's see if the poo office can survive off spam and traffic fines".
 

boboudts

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Little hope remains for our sad country as the anc rapidly destroy EVERYTHING in the quest for their terroristic communist revolution!

Incompent fools whose only contribution is in renaming things colonialism brought their "our people"!
 
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