News
National Insurance Board Contribution and Benefit Regulations Legislative Amendments
#TurksandCaicos, April 4, 2022 – The main purpose of the Turks and Caicos Islands National Insurance Programme is to provide relevant social insurance protection through a wide range of benefits to the peoples of these islands, primarily our contributors and their dependents. To fulfil our mission, decision makers must seek to ensure the Fund remains viable into perpetuity.
Section 45(1) of the National Insurance Ordinance provides for the National Insurance Fund to be actuarially assessed every 3 years. As part of the review, the income and expenditure levels of the National Insurance Board are examined, including the current benefit and contribution rate structures; all towards safeguarding the future viability of the Fund.
Having conducted its 9th Actuarial Review in July 2019, among the main findings and recommendations, the Report observed that the Turks and Caicos Islands National Insurance Board’s current contribution rates have remained unchanged from inception in April 1992 (second lowest in the region). At the same time, there were numerous increases across all branches of benefits over the 3 decades.
- Contribution Rate Increase
The report indicated that based on the current design, structure, and parameters, the TCINIB is projected to be financially sustainable for the medium to long term and is forecast to have sufficient reserves to support the current estimated expenditure for another 27 years. Contribution Income is projected to cover all expenses until the year 2027, based on the current benefit provisions and current contribution rate of 8.0%.
After 2027, the NIS will have to use some of its investment income, in addition to its contribution income to cover the projected expenses. This will slow the rate of the growth of the reserves.
In order to protect its reserves, which are specifically set aside as a buffer to the system to provide for the continuous payment of future benefits during periods of economic downturn, the Actuary concluded and recommended that it is necessary to immediately increase the existing contribution rate structure.
Accordingly, all Employers, Employees and Self -Employed persons are hereby advised that Cabinet in accordance with the recommendations of the Actuary, has accepted and approved the implementation of incremental increases in the current contribution rates over the next three years with effect from April 1, 2022, as follows:
| April 1, 2022 | April 1, 2023 | April 1, 2024 | |
| Private Sector
Employer/ Employee: |
10% | 11% | 12% |
| 5.5% / 4.5% | 6% / 5% | 6.5%/ 5.5% | |
| Public Sector | 9.15% | 10.15% | 11.15% |
| Employer/Employee: | 5.075%/4.075% | 5.575%/4.575% | 6.075% /5.075% |
| Self-Employed | 8% | 9% | 10% |
While these are challenging times economically, the difficult decision was made to increase rates as recommended by the Actuary, to safeguard the Fund in the best interest of the people who have come to rely on the safety net it provides.
It is projected that NIS costs will escalate, primarily due to the Long-Term Benefits (LTBs) Branch. This is the branch from which Funeral Grants, Retirement, Invalidity, Survivors,’ and Non-Contributory Old Age Pensions are paid. That branch currently accounts for 78% of all costs and is projected to increase to 93% of all costs. As the NIS matures, more persons will be covered and will accumulate a greater number of contribution weeks, which enables them to qualify for a pension instead of a grant and to qualify for a greater average benefit amount. The rate increase will allow for the allocation of additional funds to the long-term branch of the Fund.
The decision to increase the rate at this time is a thoroughly considered decision. It was not taken lightly. If the NIB is to continue to provide benefits that are relevant, the Fund must remain strong. The fund can only remain strong with the right level of inflows to cover the expenses of the Fund.
Management continues to closely monitor and contain cost. Also, contribution collection compliance is always a key aspect of the operations, as we strive to collect all the funds due to the NIB. Thirty years later, the two alone are no longer sufficient to sustain the Fund. For the first time, the contribution rate must be increased to secure the longevity of the Fund.
Again, the new contribution rates are effective April 1, 2022, and will increase a further 1% over the next two years. There has been no change to the maximum ceiling of $4,000 per month.
Further, there are changes to the following National Insurance (Benefits) Regulations:
- Retirement Pension after age 65
In many social security circles, it is becoming more prevalent to increase the normal retirement age considering the increase in life expectancy. The National Insurance Board is not increasing its retirement age but is offering an incentive to insured persons who choose to delay accessing their pension after age 65.
Accordingly, effective April 1, 2022, an insured person who retires from insurable employment after the age of sixty-five, and who was not in receipt of a Retirement Pension prior to the age of sixty-five, shall be entitled to an increase in their Retirement Pension a half percent (½%) per month for every month, up to a maximum of 30% that their pension is delayed, commencing from the date of their retirement.
- Retirement Benefit Accrual Rate
The new accrual rate for the Retirement Pension benefit will be amended as follows for persons ages 49 years and under on April 1, 2022:
Twenty percent of the average weekly insurable earnings will be payable to an insured person who has paid or to whom has been credited not less than five hundred contributions.
This will be supplemented by a further 2% of the average weekly insurable earnings for each unit of fifty paid or credited contributions in excess of the first five hundred, up to a total of one thousand such contributions; or contribution years 11 to 20.
An additional 1% of the average weekly insurable earnings for each unit of fifty paid or credited contributions exceeding one thousand will be paid up to a maximum of 60%.
The qualifying conditions for the Retirement Pension for persons ages 50 years or more on the date the amendment is adopted will remain unchanged and they will receive a pension based on the current benefit formula.
- Amendment to Invalidity Pension
The minimum contribution weeks to qualify for an Invalidity Pension will increase from 150 to 300 contributions, effective April 1, 2022.
- Increase in Non-Contributory Old Age Pension (NCOAP) Age
The pensionable age for the NCOAP benefit will increase from sixty-eight to seventy, effective April 1, 2022.
Please feel free to contact us at 946-1048 (Grand Turk) or 941-5806 (Providenciales) for further details. You are also invited to visit our website at www.tcinib.tc or our Facebook page to see detailed information on the recent legislative changes.
Bahamas News
Bahama Brass Band Invitation Sparks Heritage Debate Ahead of TCI Constitutional Holiday
Turks and Caicos, August 20, 2026 – The planned participation of the Bahama Brass Band in the Turks and Caicos Islands’ inaugural Constitutional Holiday celebrations on August 30 has sparked public debate over culture, heritage and the historical contributions of Turks and Caicos Islanders abroad.
Organizers defended the invitation, saying the band’s inclusion is intended to highlight the deep historical ties between the two countries
and honor Turks and Caicos men who helped establish and develop the institution in Grand Bahama.
According to the organizers, the Bahama Brass Band began in 1955 in Pine Ridge, Freeport, with Turks and Caicos Islanders, including the late Deacon Reuben Hall Sr. of Middle Caicos and Jenkins Williams and Mervin Hendfield of North Caicos, among those who helped build its foundation. The band eventually grew to more than 50 men.
The organizers also pointed to the participation of Turks and Caicos men in The Bahamas’ Independence celebrations on July 10, 1973, arguing that their contributions became part of Bahamian history while maintaining strong connections to their homeland.
Supporters say bringing the band home represents an opportunity to honor those pioneers, showcase their regional influence and expose younger generations to an important part of Turks and Caicos history.
However, concerns raised publicly described the invitation as potentially disrespectful to local culture and heritage. Organizers acknowledged those concerns, apologizing to anyone who felt overlooked or offended, while maintaining that no disrespect was intended.
The committee said the event should ultimately unite rather than divide, presenting the band’s history as evidence of the reach and resilience of Turks and Caicos heritage.
PHOTO CREDIT: Bahamas Brass Band
News
BermudAir Launches New York Area’s First Nonstop Service to South Caicos, Now Just a 3.5 Hour Flight from Newark
Twice-Weekly Nonstop Flights Begin December 20 with Fares from $347 One Way, Creating Direct Access to Salterra Resort & Spa
– New Route Expands BermudAir’s Winter Turks & Caicos Network –
[New York, NY – August 20, 2026] – BermudAir, the leading premium leisure carrier to Bermuda and the Caribbean, today announced it will introduce nonstop flights to South Caicos from Newark this winter. The route places one of the Caribbean’s most secluded island destinations just 3.5 hours from the New York area for the first time.
The new service starts on December 20, 2026, operating on Sundays and Thursdays, and will be the only nonstop service to the destination
from the New York area. This seasonal service will operate through April 25, 2027. Fares start at $347 one way ($773 roundtrip) and go on sale today.
The new South Caicos route creates gives travelers two distinct luxury resort options, with direct access to Salterra, A Luxury Collection Resort & Spa, recently named the No. 1 resort in Turks and Caicos by Condé Nast Traveler.
Set across 85 beachfront acres with a 3,000-foot private white-sand beach, Salterra brings a full luxury resort experience to an island still defined by its historic salinas, pristine waters, bonefishing flats and uninhabited cays. Upon landing at South Caicos International Airport (XSC), guests are approximately 10 minutes from the resort.
While flights go on sale today, the airline’s BermudAir Holidays vacation-packaging division will offer curated travel to South Caicos from next month, featuring flights, hotels and authentic island experiences, with bundled discounts and value-added perks, making it even easier to explore the destination.
Previously BermudAir announced seven new routes to Providenciales in Turks and Caicos, from Newark (EWR), Boston (BOS), Baltimore-Washington (BWI), Raleigh-Durham (RDU), Fort Lauderdale (FLL), St Petersburg/Tampa (PIE) and Toronto (YYZ) which will all start in December except for Fort Lauderdale which begins October 26.
Expanded Winter Season
- To South Caicos:
- Twice-weekly nonstop from Newark (Sundays and Thursdays) from December 20 through April 25, 2027.
- To Turks and Caicos:
- Weekly nonstop from Newark (Saturdays) and one weekly direct service (Thursdays) from December 19 through April 29, 2027;
- Weekly nonstop service from Boston (Saturdays), from December 19 through May 1, 2027;
- Weekly nonstop service from Baltimore-Washington (Thursdays), from December 24 through April 29, 2027;
- Twice-weekly nonstop service from Raleigh-Durham (Thursdays and Sundays), from December 20 through May 2, 2027;
- Thrice-weekly service from Fort Lauderdale (Mondays, Wednesdays and Fridays), from October 26 through May 3, 2027;
- Twice-weekly nonstop service from St Petersburg/Tampa (Mondays and Thursdays), from December 21 through May 3, 2027; and
- Weekly nonstop service from Toronto (Saturdays), from December 19 through May 1, 2027.
“We’re thrilled to continue expanding our Caribbean network as the premium leisure carrier from North America,” said Adam Scott, Founder and CEO of BermudAir. “Now New Yorkers can fly nonstop to two distinct sides of the Turks and Caicos Islands — Providenciales and the secluded island of South Caicos, home to the exquisite Salterra and Sailrock South Caicos resorts.”
The airline consistently earns Net Promoter Scores of 70+, one of the highest ratings in the airline industry. All flights will be operated on comfortable Embraer E190 aircraft, offering passengers the airline’s signature warm service and authentic island hospitality.
“South Caicos has always felt worlds away, and that is part of its magic,” said Michael Tibbetts, Founder and CEO of Salterra. “Beginning this winter, guests can fly nonstop from Newark in 3.5 hours, land at one of the newest international airports in the region and be at Salterra minutes later. This route makes a long weekend escape and an extended stay to one of the Caribbean’s most unspoiled islands remarkably easy, without changing the sense of discovery that makes South Caicos so special.”
For more information or to book flights, visit www.flybermudair.com. Salterra will offer dedicated stay packages timed to BermudAir’s Thursday and Sunday nonstop service. To book a stay at Salterra, A Luxury Collection Resort & Spa, visit www.salterra.com
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Dasani products, proudly sponsored the fifth annual, Caribbean Hoopfest.
The tournament brings together Bahamian high school basketball teams and visiting teams from the United States for a competitive
showcase at the Kendal G. L. Isaacs Gymnasium. Following its inaugural year at the Kendal G. L. Isaacs gym and last year’s event at Loyola Hall, the tournament returned to the Kendal G. L. Isaacs gym this year.
During the weekend tournament, CBC kept athletes well hydrated with in-kind donations of Dasani Water, Powerade and Minute Maid Juices.
During the tournament’s final day, CBC provided additional support by offering Sprite No Sugar samples and inviting attendees to participate in its Spin the Wheel for a chance to win exciting prizes.
CBC was proud to support this incredible event, which provides young Bahamian athletes with valuable exposure to U.S. basketball scouts and coaches. This opportunity gives them the chance to earn scholarships, continue their education, and pursue their basketball careers in the United States.
Event organizer, Donald Francois shared his appreciation for CBC’s support.
“I want to express our sincere appreciation for Caribbean Bottling Company, who has been a tremendous supporter and an important part of the success of our program. Without CBC’s support, Caribbean Hoop Fest would not be able to function at the level it does today. And without Caribbean Hoop Fest, we would not have been able to provide the opportunities that have helped young Bahamian athletes gain exposure and pursue educational opportunities in the United States,” he expressed.
Since the program’s inception, several Bahamian student-athletes have been selected for scholarship opportunities, highlighting the
tournament’s growing impact on the development and advancement of young basketball talent in The Bahamas.
They are: Kelvin McDowells – Guard, Wodson Antoine – Power Forward, Justin Lafleur – Guard and Sean John – Guard.
After another successful edition of the tournament, Francois shared what he hopes he and Caribbean Bottling Company can achieve in the future.
“Our vision is bigger than basketball. We want to use the platform of Caribbean Hoop Fest to educate, develop, and create opportunities for young people and their families throughout the Bahamas. With individuals and organizations committed to our mission, we believe we can continue to grow the program and make an even greater impact,” Francois said.
For more details on community support, events and new products visit Caribbean Bottling Company at www.cbcbahamas.com today.
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