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.

News

Academy Eagles FC crowned Beaches Turks & Caicos sponsored Provo Men’s Premier League champions 2026  

Published

on

PROVIDENCIALES, Turks & Caicos Islands: — The Academy Eagles FC were crowned champions of the Beaches sponsored Men’s Provo Premier League after securing a comfortable 2-0 victory over defending champions, SWA Sharks, at the Venetian Road football field.

In a match that featured a mix of youth and experienced players, the Academy Eagles eventually broke through late in the game when Jean Innocent found the back of the net in the 77th minute. Innocent doubled the lead in the 95th minute from the penalty spot to clinch the championship.

Academy Eagles head coach Aaron Lawrence expressed immense pride in his squad’s performance. “I applaud the team for their discipline throughout the season and their ability to stick to the plan heading into this game,” Lawrence shared, adding special praise for team captain Myherwens Varis for “following tactical instructions throughout the game.”

“This victory would not have been possible without the thoughtful support from our main sponsor, Beaches Turks and Caicos resort. This is the second year running with this relationship. This has provided exposure for the semi-professional players and the Turks and Caicos Islands Football Association,” Lawrence noted.

On the opposing sideline, SWA Sharks coach Jack Watson was modest in defeat. While he noted that his team executed their strategy well, he recognized the Eagles’ determination. “I congratulate the Eagles team for wanting the win more,” Watson said. “We played to the game plan, but I fault a lapse in judgment that gave up two goals.”

Beaches Turks and Caicos, returning for a second year of sponsoring the competition, expressed ongoing dedication to youth football in the islands. General Manager Deryk Meany shared his enthusiasm, “I am satisfied with the impact that the league is having on youth development throughout the Turks and Caicos Islands and our resort’s involvement in fielding a team for the competition.” The final phase of the tournament now transitions to a knockout format among the eight participating clubs.

League executives also weighed in on the success of the season. Provo Premier League President, Phillip Baptiste, expressed his satisfaction with the league format and highlighted the significant progress made by the Turks and Caicos Islands Football Association (TCIFA) over the course of the tournament.

“This is what true success looks like as corporate partners like Beaches Turks and Caicos resort joins forces with the TCIFA in providing an avenue for youth development and sports. While we are happy for the continued sponsorship, we are anticipating more support from other entities. This is not only a win for sports, it is a win for development here in the TCI,” Baptiste shared.

TCIFA Technical Director Dane Ritchie echoed these positive sentiments, pointing to the league’s development as an avenue for showcasing local talent on a broader stage. “Our team continues to learn as they work on developing talents with the youth players, as well as providing a broader marketing avenue for the league to be seen internationally with FIFA+ streaming,” Ritchie said.

He added, “the TCIFA commends the growth of the coaching staff involved in the league and looks forward to further enhancing the competition to make them more competitive in the Caribbean leagues.”

Beaches FC and Cheshire Hall FC have both punched their tickets for the first two spots in the semifinals with a 2-0 win over Teachers’ Young Strikers and 5-0 thrashing of Provo United respectively in the first two quarter finals.

Continue Reading

News

Beaches Turks & Caicos celebrates Stars at its Annual Prestige Awards

Published

on

PROVIDENCIALES, Turks & Caicos Islands: — The French Village main stage at Beaches Turks and Caicos resort was transformed into a dazzling beacon of green and gold as the resort celebrated its highest achievers. Under the inspiring banner of “One Team, One Vision, Endless Achievements,” the annual Prestige Awards recently closed the chapter on an exceptional 2025.

More than 120 nominees across twelve distinct categories walked the red carpet, greeted by flashing cameras and the cheering of their peers. The evening was laced with vibrant entertainment that kept the energy high between award presentations. Attendees were also treated to an exquisite five-course menu, carefully curated to match the prestige of the occasion and celebrate the rich culinary talent present at the resort.

The event served as a powerful reminder of the dedication required to operate one of the premier family resorts in the Caribbean. General Manager Deryk Meany took the stage to address the audience while reflecting on a year of resilience, innovation and unparalleled guest service.

“This is a celebratory milestone that as leaders we are happy to share with the stars of the hospitality industry,” Meany shared. “You have shown the world the true mettle of leadership and commitment here at Beaches Turks and Caicos.”

To further recognize unique contributions to the resort’s operational success, Meany personally distributed the General Manager’s Special Awards. These honours were bestowed upon Eric ‘Cookie’ Johnson from the kitchen, Harriet Beeput from administration, and Javier Sarita from the entertainment department for their exceptional behind-the-scenes dedication.

The climax of the evening featured the announcement of the resort’s most prestigious overarching awards. Felipe Luzardo Neira from the kitchen took home the MVP of the Year (Manager of the Year) award, while Chad Peterkin from engineering and maintenance was named All-Rounder of the Year (Supervisor of the Year). The loyalty & travel department proved their collective strength by securing the A-Team of the Year title.

Individual team members were also recognized for their ultimate service standards. Deandra Astwood from the front office earned the Platinum Team Member of the Year award. The highest individual honour, Diamond Team Member of the Year, was awarded to Javain Campbell from the restaurant department. Campbell used his moment in the spotlight to highlight the importance of cross-departmental collaboration and community outreach.

“This accolade is a testament to the commitment and teamwork within all the departments of the resort,” Campbell noted after receiving his award. “The opportunity to volunteer at different Sandals Foundation activities as well as be a mentor to other team members means the world to me. This achievement will allow me to do more in leadership as I have been tasked with representing the entire team here at the resort.”

The Prestige Awards ensured that every facet of the resort’s operations received proper recognition. From environmental sustainability to guest entertainment, the specific category winners showcased a wide array of talents:

  • Movers & Shakers was awarded to Katherine ‘Tinkerbell’ Jiminez from the entertainment department
  • Legendary Team Member was secured by Kadian Smith from the restaurant
  • Circle of Joy went to Emanie Jocelyn Seide from security and loss prevention
  • Earth Guardian was claimed by Bernard Florvil from engineering and maintenance
  • Sandals Foundation Sentinel was awarded to Tanya Swann from administration
  • Standing Ovation Award was proudly accepted by Richard Myers from the laundry team
  • Money Maker Award went to Teesha McCallum-Hamilton from the resort shop
  • Heart of the House Hotel Manager’s Award was presented to Carlton Biggs from stewarding department
  • People’s Choice Award was won by Claire Ann Balones from the off site department
  • Pacesetter Award was given to Kassandra Henry from accounts & cost control
  • Founder’s Circle Award was claimed by Susan Outten from the restaurant

As the night drew to a close, the focus shifted to the rigorous selection process that led to the evening’s celebrations. The Prestige Awards do not merely look at a single moment of excellence, but rather evaluate a full twelve months of unwavering dedication to the guest experience. Human Resources Manager Owenta Coleby highlighted the rewarding journey these team members took to reach the main stage.

“This event is a culmination of a number of activities for the resort’s leadership and the team members who have been exemplary and consistent throughout the year,” Coleby shared. “Congratulations are in order for each nominee as they have been crowned winners for the different months of 2025.”

With the trophies distributed and the 2025 season officially wrapped, the staff at Beaches Turks and Caicos now look forward. Fueled by the “One Team, One Vision” mantra, these award winners are already setting the standard for another year of endless achievements.

Continue Reading

Finance

TCI Financial Services Opens Debate on Cryptocurrency Rules 

Published

on

Turks and Caicos, May 12, 2026 – A new era of digital finance regulation could be on the horizon for the Turks and Caicos Islands, as the Financial Services Commission moves to establish a legal framework for virtual assets and cryptocurrency-related businesses.

The TCI Financial Services Commission on Friday launched a public consultation on its proposed Virtual Assets Business Bill, 2026, legislation designed to regulate virtual asset service providers, stablecoin issuers and other digital asset activities operating in or from the territory.

Globally, governments and regulators have been racing to catch up with the rapid growth of digital currencies, blockchain technology and online financial platforms. Concerns over money laundering, cybercrime, fraud and the collapse of poorly regulated crypto exchanges have pushed jurisdictions to tighten oversight while still trying to attract financial innovation and investment.

The proposed TCI bill appears aimed at positioning the territory within that evolving international framework.

According to the FSC, the legislation is aligned with international standards and guidance from bodies including the Financial Action Task Force, International Organization of Securities Commissions and the Financial Stability Board.

The Commission said the bill would introduce a “comprehensive licensing, supervisory, prudential and enforcement framework” for the sector. The proposed law includes anti-money laundering and counter-terrorism financing obligations, cyber resilience requirements, enforcement measures and even a regulatory sandbox intended to support innovation.

Among the notable features are proposed reserve and governance rules for stablecoins, which are digital currencies typically tied to traditional assets like the US dollar. The draft legislation also outlines exemptions for certain technology providers and closed-loop token systems.

The FSC said the consultation period is intended to gather public and industry feedback before the bill is submitted to Cabinet next month. Written submissions must be received by June 8, 2026.

The consultation paper and draft bill have been published on the FSC website for public review.

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

Continue Reading

FIND US ON FACEBOOK

TRENDING