Connect with us

TCI News

NIB unemployment pay approved in TCI parliament; for those terminated and laid off

Published

on

#Grand Turk, Turks and Caicos Islands – October 18, 2020 — Members of the House of Assembly have approved a temporary unemployment benefit to the tune of $4.2 million through the National Insurance Board and while it helps over 2,000 contributors it could hurt the NIB’s pension fund.

NIB Unemployment Benefit passed in TCI House of Assembly on October 13. Premier issued statement about the Covid-19 stimulus measure

The welcomed stop-gap measure will financially bolster the households of 2,200 contributors who continue to struggle to make ends meet after the coronavirus pandemic crashed travel and tourism; which is the Turks and Caicos Islands’ leading industry.

Advertisement

“In response to the significant increase in unemployment due to the impact of the COVID-19 pandemic on the economy, the National Insurance Board was engaged by the Premier and Minister of Finance, Investment and Trade to provide a resolve. The outcome of those discussions was a proposal to Cabinet, to establish and fund a temporary unemployment assistance benefit in the sum of $4.2 million. The National Insurance Board has approved $4.2 million for payout in unemployment benefits this year,” said Hon Sharlene Robinson, TCI Premier and Finance Minister in a statement on the historic vote at parliament.

But the concern is whether or not the NIB can afford this whopping, unexpected expense, though temporary.

In the 2018 National Audit Office (NAO) report for the Turks and Caicos Islands, it explained – long before COVID-19 – the National Insurance Board needed to significantly increase earnings now in order to fully finance the NIB’s pension scheme in future. 

“How is $362 million in unfunded pension liability going to be financed? This is a significant financial burden for the TCIG. In order to fund this liability, an additional $18 million per annum would have to be set aside at least for the next 20 years and possibly more in order to fund this unfunded portion. The other alternative would be some aspect of pension reform which has been recommended in the 8th Actuarial Report for NIB.” – Excerpt from the Executive Summary of the Audit Year Ended March 2018 report produced by the NAO.

The 8th Actuarial Report of the NIB recommended that pension reform was mandatory as the workforce contributor base is forecast to shrink by 15 per cent while pensioners will increase eight fold, from four percent to 24 per cent of the population.

The Minister of Finance explained this COVID-19 provision has been researched and will not terribly offset NIB’s solvency.

Rhesa Cartwright, New Director of TCI National Insurance Board

“The Turks and Caicos Islands Government requested its actuary to produce a feasibility paper on the introduction of an unemployment insurance provision to the Turks and Caicos Islands National Insurance System to which the Actuary concluded that an unemployment insurance programme seems feasible. It is the Actuary’s belief that adding the programme to the current TCI National Insurance System would have no significant impact on the financial sustainability of the system as it currently exists.”

Only those who have been terminated or laid-off are qualified for the financial help.  The beneficiaries would have made at least 250 contributions or five years of payments to NIB and will get 50 per cent of their previous weekly insurable wage.

It is projected the payments will last for eight weeks or until the fund runs out of cash.

The Premier commenting on the Bill stated, “The National Insurance (Amendment) Bill 2020 is a remarkable and important initiative that my Government is proud to have delivered to the people of these islands. We believe that there is no better time to roll out this programme than now – when our people are in urgent need of further support amidst this COVID-19 pandemic. The implementation of a permanent unemployment benefit has also been agreed for April 2022. I wish to thank the Ministry of Finance and the National Insurance Board who has worked hard to ensure that this programme is progressed to completion.”

At this time, the NIB Unemployment Benefit will not support contributors who are still employed but receiving only a percentage of pay, nor will it pay out to the self-employed category of contributor.

No date was given on the start of the unemployment payment plan by the NIB, which was approved in the House of Assembly on Tuesday October 13, 2020.

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.

TCI News

Stanbrook Prudhoe Score Top Flight Legal 500 Directory Rankings

Published

on

Firm Also Secures 8 Individual Rankings and Strengthens Its Regional Leadership

 

[Providenciales, Turks & Caicos Islands – Stanbrook Prudhoe, a leading Caribbean law firm, is 1 of 2 firm’s ranked in Tier 1 for cross-Caribbean work and is described as having “built a strong reputation across the Caribbean for handling complex matters, multi-jurisdictional work spanning both transactional and disputes”. Sophie Stanbrook, Tim Prudhoe, Khamaal Collymore and Nadia Chiesa attract plaudits in this category.

Specific to Guyana, Sophie Stanbrook, Tim Prudhoe and Anna-Kay Brown are listed.

In addition, Stanbrook Prudhoe is again given Tier 1 status in the TCI firm rankings. Lawyers Sophie Stanbrook, Tim Prudhoe, Sam Kelly and Nadia Chiesa achieved individual rankings and Laura Miller named as a key lawyer for the firm’s Cross-Caribbean work.

Since its launch in 2022, Stanbrook Prudhoe has established itself as a formidable presence in the Caribbean legal sphere, specialising in Corporate and Fiduciary, Disputes, and Restructuring & Insolvency. This strong reputation is reflected in this latest round of Legal 500 rankings.

The firm’s co-founders, Sophie Stanbrook and Tim Prudhoe, are ranked as ‘Leading Partners’, Tim being 1 of 2 lawyers also listed as such across and the Caribbean as a whole.

The firm has offices in the Cayman Islands, Guyana and the Turks and Caicos Islands. With a growing presence in the federation of St Kitts and Nevis.

Commenting on the recognition, StanbrookPrudhoe co-founder Sophie Stanbrook said, “In just three years, we’ve gone from a bold idea to a Tier 1-ranked firm leading the Caribbean legal market. This recognition proves that ambition, talent, and teamwork can redefine what’s possible in our region, and we’re only just getting started. We look forward to building on this momentum and continuing to drive the standards for legal excellence across the Caribbean.”

The Legal 500 is one of the UK’s most respected legal directories, benchmarking law firms through rigorous independent research and ranking both lawyers and their areas of expertise. For nearly 40 years, it has provided a trusted assessment of law firm capabilities worldwide, evaluating more than 150 jurisdictions through comprehensive research, client feedback, and interviews with leading practitioners.

Continue Reading

TCI News

TCI Hosts Strategic Defence Summit as Overseas Territories Regiments Strengthen Security Partnerships

Published

on

Turks and Caicos, December 4, 2025 – The Turks and Caicos Islands this week became the centre of regional security cooperation as senior defence leaders from across the British Overseas Territories gathered in Providenciales for the 4th Annual Overseas Territories Commanding Officers Conference — a three-day summit focused on strengthening capability, maritime readiness, and inter-territorial partnerships.

Acting Governor Anya Williams and Premier Charles Washington Misick, OBE, on December 1, welcomed Lord Lancaster, a key figure in the establishment of the TCI Regiment and the current Honorary Colonel of the Cayman Islands Regiment, for a courtesy call and high-level briefing session. Lord Lancaster joined Permanent Secretary for National Security Tito Lightbourne, TCI Regiment Commanding Officer Colonel Ennis Grant, and Commanding Officers from Bermuda, Cayman, Montserrat, the Falkland Islands, and UK defence representatives.

The visit, along with the wider conference agenda, signals a meaningful step forward for the rapidly evolving TCI Regiment, which has grown into a crucial national asset for disaster response, coastal security, joint operations, and resilience planning. Lord Lancaster’s presence carries additional significance: he was instrumental in shaping the Regiment’s formation in 2020 and remains a vocal advocate for expanding the capabilities of small-territory defence units within the UK network.

At the conference’s opening ceremony, Acting Governor Williams emphasised the importance of “collaboration and strategic leadership across the Overseas Territories,” noting that shared challenges — from climate shocks to transnational crime — demand a unified approach. The Permanent Secretary echoed this, highlighting increased maritime coordination and training pathways as areas where the TCI is seeking deeper integration with its regional counterparts.

Throughout the week, Commanding Officers participated in strategic discussions, intelligence and security briefings, resilience planning sessions, and on-site engagements showcasing the TCI’s developing operational infrastructure. The agenda also focused on improving interoperability — ensuring that Overseas Territories regiments can operate seamlessly together during disaster deployments, search and rescue missions, and joint maritime operations.

For the TCI Regiment, hosting the conference marks a milestone: it positions the young force as an active contributor in shaping the region’s security future rather than merely a participant. Leaders left no doubt that the momentum is intentional — and that the Turks and Caicos Islands are strengthening their role within a broader, coordinated defence framework designed to safeguard shared interests.

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

Continue Reading

TCI News

Michael Misick Rejects Government’s 60/40 Shift as Business Licensing Debate Reignites

Published

on

Turks and Caicos, December 4, 2025 – For the first time in his long political career, former Premier Michael Misick appeared on Drexwell Seymour’s “Financially Speaking” radio programme this week — and he used the platform to forcefully reject the Government’s new 60/40 business-ownership model, arguing that Turks and Caicos Islanders are once again being positioned to lose ground in their own country.

The interview came at a pivotal moment: the Washington Misick Administration has just issued a detailed press statement confirming that the controversial 100% Islander-only ownership requirement — praised by some as overdue protectionism and criticised by others as unconstitutional and discriminatory — was never Cabinet’s intended position. A “drafting error,” the Government now says, caused the blanket 100% clause to appear in the Business Licensing (Amendment) Bill, prompting a pause in Parliament and a full review.

This week, Cabinet reaffirmed its balanced 60/40 framework, arguing that meaningful majority control for Turks and Caicos Islanders must coexist with access to external capital, expertise, and investment partnerships. The Government cited international models, financing constraints for local entrepreneurs, and the need to avoid “harsh outcomes” that could unintentionally weaken local businesses or violate constitutional safeguards. It further pledged strengthened anti-fronting mechanisms, tighter oversight, and mandatory protections for local shareholders.

But Michael Misick isn’t convinced.

During the wide-ranging RTC interview, the former Premier dismissed the 60/40 model as inadequate and accused successive governments of diluting the rights and economic standing of heritage Turks and Caicos Islanders. He argued that fronting has flourished under the existing 51% rule, and that only full, uncompromised Islander ownership in certain industries can prevent locals from being reduced to symbolic partners with no real power. Misick described the Business Licensing Board’s disappearance, the rise of unchecked approvals, and the growing dominance of expatriate capital as evidence that the country is “losing itself, bit by bit, every sunrise.”

Seymour, a CPA and economic commentator, echoed concerns about fronting and asked whether the territory’s leaders were “afraid” to implement robust protections. Misick went further, accusing modern politicians of lacking political courage and failing to defend the long-term interests of heritage Turks and Caicos Islanders.

“Every time legislation comes to empower our people, there is resistance,” Misick said.
“When it’s something that penalises our people, no one objects.”

The Government’s clarification attempts to neutralize that narrative, insisting Cabinet did not “retreat” under pressure but merely corrected an error to restore policy integrity. Still, the timing — after months of public debate, stakeholder pushback, and ongoing reference to the Grant Thornton economic impact report — has only deepened suspicion among critics who say the Administration is wavering.

What is clear is this:
The Business Licensing reform has cracked open the deepest unresolved question in the Turks and Caicos Islands — how to protect a small population from economic displacement while maintaining an investment climate that supports national development.

With Parliament scheduled to revisit the Bill this month, the clash between political philosophy and economic pragmatism is now on full display. And as Misick made clear on RTC, this debate will define not just policy, but identity.

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

Continue Reading

FIND US ON FACEBOOK

TRENDING