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TCI Economy could lose $460 million in Tourism job cuts and slashed salaries, says TCHTA & KPMG survey

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#TurksandCaicosIslands – May 7, 2020 — Tourism sector employers in the Turks and Caicos Islands believe they will have to gradually decrease basic salaries to their staff and may eventually have to lay-off workers, up to 44 per cent of them, as the COVID-19 crises continues to paralyze the travel industry.

The shocking findings herald a possible collapse of the Turks and Caicos economy and are revealed in a survey conducted by KPMG and commissioned by the Turks and Caicos Hotel and Tourism Association, TCHTA. Compelling statements and suggestions are made to the TCI Government about possibly decreasing the economic disaster which looms now, due to the unprecedented pandemic.

An excerpt from the survey report says:  “If the effects of the pandemic are thought to continue for another six months the monthly fall, based on monthly payroll data of respondents, will be US$46m which for the period April to October represents a cumulative fall (including April) in economic activity of approximately US$300m.”

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Stretch out any continued negative impacts on travel and tourism due to the Coronavirus, the Turks and Caicos could see economic activity usually enjoyed due to the employees resident within these islands, plummet by as much as US$460m over nine months.

More than 5,600 employees are represented in the report by a range of employers who were surveyed from April 12-20; the cumulative pay for this sampling of workers in hotel and tourism is estimated at $11.9 million per month. 

While there is no concrete number of how many TCHTA members were included as the source of the survey data, KPMG informed that 48 per cent of those surveyed had between one and 20 staffers; 31 per cent of responders employ between 21-100 people; twelve percent of the employers have from 101 to 500 staff members and nine per cent of those who completed the survey questions, employ over 500 people.

It was revealed that since the impact of the pandemic on this tourism destination, fifty-six percent of employees were retained, 30 percent were furloughed or temporary laid off and 14 percent have been terminated.

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Currently the islands have zero tourists with all ports of entry closed to visitors during the public health crisis; so the leading industry is already in dire straits. The KPMG survey exposes there is still more ground to loose however, including the loss of spending by the employees from the country’s leading industry.

Food shopping to rent to fuel and school fees, dining, banking, services, utilities and entertainment will all suffer tremendous decreases in business activity if 44 percent of the industry workers are laid off and if the remaining 56 per cent are not able to receive their full pay.

KPMG explained it this way:  “… it is clear from the survey results that the percentage of base pay being paid in April is not sustainable. Fifty-nine per cent of employers indicated that at the end of April they will have to reduce this percentage of basic pay which will reduce the level of economic activity even further particularly when taking into account the 44 per cent of the workforce that will be let go shortly.”

One solution put forth in the document is a government supported staff retention program.

“Seventy per cent of employers indicated they would be willing to contribute to some form of a Coronavirus staff retention program (“the program”) which would be a program, ideally backed by new legislation, which ensures current employees continue to be employed and receive some pay even though there may be no work for them for a certain period. Employees would also have their continuity of service maintained.  They would not be considered to be unemployed. The program would be voluntary with “Participating Employers” and “Non-Participating employers.”

With tourism salaries contributing as much as $55 million per month to the country’s GDP, according to the survey, there is an unequivocal message being transmitted: that Government’s support of a staff retention program would mitigate the severity of further fall out in the face of COVID-19.

In the end, it is stated within the TCHTA and KPMG survey report:  “No economy the size of TCI’s can sustain such dramatic falls in economic activity.”

Magnetic Media is a Telly Award winning multi-media company specializing in creating compelling and socially uplifting TV and Radio broadcast programming as a means for advertising and public relations exposure for its clients.

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Beaches Turks & Caicos Food and Beverage Department Blends Health and Family with Smoothies    

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PROVIDENCIALES, Turks & Caicos Islands: Families across the Turks and Caicos Islands are being encouraged to make healthier, budget-friendly choices all year round, thanks to Beaches Turks & Caicos’ creative team of bartenders who have shared refreshing smoothie recipes that are as nutritious as they are delicious.

Recognizing the daily challenge parents face in balancing work, family life and healthy eating, the resort’s bartenders have developed easy-to-make, affordable smoothies that cater to both children and adults. The initiative aligns with Beaches Turks & Caicos’ ongoing commitment to supporting family wellness and community well-being through practical, accessible lifestyle choices.

“Using these recipes is a great way to promote health while keeping things simple,” said Managing Director James McAnally. “Our team members are passionate about enhancing healthy lifestyles within our communities and this is just one way we help families make positive changes year-round.”

Among the standout recipes is the “Morning Sunshine,” a tropical blend of banana, mango and pineapple packed with fibre, potassium and vitamins A and C. Anna-Kay Thompson, bartender at the French Village, said the drink supports digestion and boosts energy levels. “Children are drawn to bright colours; they eat with all their senses. This smoothie is healthy, cost-effective and a great way to start any day,” she added.

Another favourite, the “Triple Tango,” mixes blueberries, kiwi and banana for a vibrant blend that boosts brain health and strengthens the immune system. Junior Jones, bartender at the Caribbean Village, described it as “a dance for the mind and body” thanks to its natural balance of sweet, tart and citrusy flavours.

For those craving something bold, the “Red Razzle” combines watermelon, strawberries, raspberries, kiwi and a hint of ginger for a refreshing, nutrient-rich mix. Packed with antioxidants, fibre and hydration-boosting properties, it’s a crowd-pleaser for both kids and adults. “This smoothie helps promote better nutrition and supports heart and immune health,” said bartender Kevin Williams.

Parents like Judy Morales, who balance work and family life, appreciate the initiative. “These smoothies are a game changer,” she said. “They’re simple, nutritious and fun to make with kids. It’s a great way to stay healthy without spending a lot.”

Bar Manager Uton Graham added that the resort’s bar team enjoys creating healthy beverage options that can be easily replicated at home. “Serving beverages for children requires creativity,” he noted. “We’re happy to share ideas that families can enjoy beyond the resort any time of the year.”

Beaches Turks & Caicos continues to blend more than just ingredients; it blends values of health, family and community. Through its food and beverage initiatives, the resort encourages families to adopt healthier habits while spending quality time together.

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2,846 Jobs in the Pipeline; TCI with $430 Million Cash

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Turks and Caicos, November 7, 2025 – A record 2,846 new jobs are on the horizon for the Turks and Caicos Islands — a staggering figure that underscores the scale of economic momentum now coursing through the country. The announcement came yesterday as Premier and Minister of Finance, Investment and Trade, Hon. Charles Washington Misick, presented his mid-year report in the House of Assembly.

“Let me repeat, 1.27 billion dollars in development agreements for major projects have been executed,” the Premier told lawmakers. “From these projects we will create one thousand and twenty-three new rooms and two thousand eight hundred and forty-six permanent jobs for the economy.”

In a population of barely 45,000, that number is seismic. It speaks to both the opportunity and the tension of the moment — prosperity that will stretch local capacity and, inevitably, deepen reliance on foreign labour.

$1.27 Billion in Fresh Investments Fueling Growth

The employment surge is being driven by $1.27 billion in new development agreements brokered by Invest TCI between April and September 2025. The investment list is stacked with big-ticket names:

  • Hadley Investments Limited – $1.2 billion
  • The Bight by Dream Hotel – $65.5 million
  • Retreat Development Limited – $7.3 million
  • Amethyst Development Ltd. – $6.8 million

Collectively, these projects will bring 1,023 new rooms online and ignite activity across multiple islands. The Premier noted that 27 development agreements valued at just over $3 billion remain active — 22 in Providencialestwo each in Grand Turk and South Caicos, and one on Ambergris Cay.

Six new foreign direct investment (FDI) projects valued at $755 million have already started between April and September 2025, spread across four islands. Another four domestic investment proposals, worth $407.9 million, have been received for new luxury resorts, townhomes, and mixed-use spaces.

“Tourism continues to be the lifeblood of our economy,” Misick said. “But the pace of investment has been nothing short of vigorous, signaling strong investor confidence and a very promising future.”

The Labour Equation: Prosperity Meets Pressure

For all the celebration, there’s a flip side — the people needed to make this boom possible. The Premier acknowledged the growing reliance on expatriate labour and the strain that comes with it.

Work permit fees brought in $22.6 million during the first six months of the fiscal year — $1.9 million above estimates and $2.7 million higher than last year. Most of those work permits, the Premier confirmed, are tied to tourism and construction, sectors now running at full throttle.

“As construction and allied business activity has increased, so too has the number of work permits,” he said. The message was unvarnished: the more the economy expands, the greater the need for imported hands to build, serve, and sustain it.

It’s a bittersweet reality for a country whose citizens are ambitious but few. The challenge now — and the political test — will be whether the government can pair this expansion with deeper training, education, and local participation so that Turks and Caicos Islanders fill more of these high-value roles in the years ahead.

A Government Flush with Cash

If the development pipeline paints a picture of the future, the balance sheets show the country’s strength right now. The Premier reported that cash flow increased by $63.7 million in the first six months of the fiscal year.

At the end of the 2024/25 financial year, the government’s cash balance stood at $366.3 million — but by the end of September 2025, that figure had climbed to a commanding $430 million.

Of that total, $242.9 million sits in the Consolidated Fund for day-to-day operations, and $88.5 million is available in the Development Fund for project implementation — up sharply from $51.5 million in March.

It’s a level of fiscal cushion that few small island states can claim — one that gives the TCI a rare degree of resilience and maneuverability at a time when global markets are volatile.

A $1.7 Billion Economy — and Climbing

The Premier’s mid-year report confirmed that TCI’s economy now stands at $1.7 billion, with per capita income just over $34,000, among the highest in the Caribbean. Economic growth was a strong 6.5% in 2024, and global ratings agency Standard & Poor’s upgraded the country’s credit rating to A-, citing “sound fiscal management” and cash reserves nearing 30% of GDP.

Still, Misick cautioned against complacency, warning of tariff volatilityinflationary pressures, and U.S. stock market swings that could cool retiree travel — a major visitor segment. “These are realities we cannot ignore,” he said. “But neither will we be complacent. My government is responding proactively — intensifying marketing efforts, introducing targeted promotions, and pursuing new partnerships.”

The Bottom Line

The Turks and Caicos economy is running hot — billions in projects, thousands of jobs, and a government flush with cash. But with that heat comes a balancing act: managing rapid expansion while ensuring Islanders remain at the center of the story.

Because a boom means little if it doesn’t lift the people who call these islands home.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Sandals Foundation and Great Shape Inc.! Produce More than 3000 Smiles in Providenciales  

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PROVIDENCIALES, Turks and Caicos Islands, November 5, 2025 — Staying true to the high quality of service it is known to provide, Sandals Foundation, Beaches Turks and Caicos and Great Shape! Inc, have served over 3,000 Turks and Caicos Islanders with state of the art free dental care in its recently concluded clinics – 1000 Smiles.

From October 20 to November 1, a dental volunteer mission team of 140 practicing professionals provided cleaning, filling, extractions, root canals, sealants and oral health education to residents of Providenciales. Its fifth year being implemented in the Turks and Caicos Islands (TCI), the programme’s reach indicate growing support and trust of the initiative facilitated by the philanthropic arm of Sandals Resorts International

While visiting the site at the Blue Hills Church of God of Prophecy church in Providenciales, Minister of Health and Human Services the Hon Kyle Knowles shared his satisfaction with the work noting, “As the Minister of Health, to see firsthand the quality of work being executed is an amazing feeling. Being able to see residents of Providenciales getting quality dental care being provided by professionals who have committed themselves to volunteering is what makes this initiative more meaningful.”

“The continued relationship between Sandals Foundation, Beaches Turks and Caicos and the government of the TCI augurs well for the development of our people and our communities. For two weeks, more than 3,050 residents were served including adults and students at our primary and secondary schools,” Knowles added.

Managing Director of Beaches Turks and Caicos James McAnally shared, “We are humbled by the numbers of persons that came out this year. As a resort, we value partnerships and through the Great Shape! Inc.’s healthcare partnership, together we have created history with the number of clients being served in any one visit to a region. We are proud to have been involved in creating brighter and healthier smiles for the residents of Providenciales.”

In explaining the customer-centric approach practiced by the medical volunteers, Programme Director of Great Shape! Inc., Shantelle Clarke said, “Some people come in with anxiety and are a little bit scared to get stuff done, but, as we talk through the procedure, explain what we’re doing, and why we’re doing it, we are able to build the trust of patients who develop a sense of ease.”

For the Ministry of Health’s (MOH) Chief Dental Officer Dr Janice Baron, the value of the Great Shape! outreach is priceless noting, “It has established a good example of best practices in the field”.

Meanwhile, more than 1,600 students from Thelma Lightbourne Primary, Richmond Hill Preparatory, Community Christian Academy, Mills Institute, Ashley Learning Centre and Elite Schools also benefited from dental care education through a school tour executed in the first week. Led by the Great Shape! team, students and teachers were reminded about the importance of proper brushing, flossing and oral care through interactive sessions.

“The sessions were dynamic, educational and children-friendly. Students were able to interact and ask questions which the team were able to answer in a fulsome manner which provided much needed information for the students,” says Principal of the Ashley Learning Centre, Shelrica Grant-Banton.

Great Shape! Inc. is one of the largest dental volunteer missions in the world The dental outreach, which commenced in TCI in 2021, is made possible with Beaches Resorts providing accommodations and the charitable arm, the Sandals Foundation, spearheading logistics and offsetting the costs for transportation, as well as food and beverage for the clinics.

For more information about the Sandals Foundation and to donate, visit: https://sandalsfoundation.org.

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