Wrap of budget speech stories
Finance Minister Tito Mboweni delivered the much anticipated Budget Speech on Wednesday.
The highlights of his speech includes allocating R23bn to Eskom.
Listen to further analysis of the budget here:
Mboweni also increased both pension and child grants.
Sin taxes were also increased with excise duty on a can of beer going up by 12c to R1‚74‚ while a 750ml bottle of wine will have an excise duty of R3‚15‚ which is 22c more.
Mboweni announced that the government is set to spend R5.8bn in the next three years with most of it going towards education‚ health and social development.
Government wage bill will be cut by a staggering R27bn in the next three years. Mboweni said that this will be done by, among other things, offering early retirement packages to about 30,000 public servants.