The Southern African Music Rights Organisation (SAMRO) has found multiple ways to financially support its members after the negative financial effects of COVID-19 on the South Africa’s economy.
The organisation has confirmed in a statement that qualifying members can now cash out their retirement fund from the SAMRO Retirement Annuity Fund (SRAF) if their retirement fund is R7000 or less. The recently developed Music Creation Support Grant and the Retirement Annuity Withdrawal are two initiatives through which SAMRO is trying to financially support their members during the pandemic. Through the Music Creation Support Grant, SAMRO managed to make once-off payments to 100 qualifying music creators.
The SAMRO chairperson, Nicholas Maweni, said that they are doing their best to make sure that the pandemic does not prevent them from achieving their aims and initiatives in supporting local musicians and strengthening the local industry as a whole. “At the same time, we are continuing to work tirelessly to collect more royalties on behalf of our members,” added Maweni.
According to the statement, SAMRO has proven its commitment and ability to help its members during a distressed economy by paying out R120 Million in royalties to their members since the beginning of 2021. Maweni says they are hopeful that the royalties paid out will help struggling artists and composers, because they are aware that they have been affected negatively due to the pandemic and the restrictions on movement.