TCREA Ambassador Launches Revolutionary Mentorship Program for Turks & Caicos
#TurksandCaicos, May 11, 2022 – The Turks & Caicos Real Estate Association (TCREA) has announced a pioneering initiative to shape the next generation of real estate gurus for the country.
In a forum with local media, a dynamic group of industry stalwarts and trendsetters shared that local high school students aged 14-17 will now get a first-hand look at the burgeoning real estate domain here in Turks & Caicos through the TCREA Real Estate Mentorship Program.
Led by TCREA Ambassador, Mr. Trevor Musgrove, the initiative seeks to educate school-leavers on the advantages of becoming a part of one of the country’s foremost industries which has seen remarkable growth throughout the years and has recently enjoyed record-breaking numbers even amidst a global pandemic.
The Committee is an impressive one and boasts a group of the most accomplished, internationally celebrated, and experienced brokers and realtors in the game: Blair MacPherson of REMAX; Nina Siegenthaler, Manfred Smith, and Richard Sankar of Sotheby’s; Vernica Delancy and Dedra Gray of Keller Williams; and Sean O’neill, Musgrove’s partner in Turks and Caicos’ newest real estate firm, The Agency.
Sharing more about his decision to launch the initiative, Musgrove stated, “Mentorship is something I truly care about. As a young boy growing up in North Caicos, I could never have predicted that this is where I would be. But I can tell you with certainty that I am where and who I am because of people who took the time to steer me in the right direction when I shared my dreams and goals with them.
“It is said that to whom much is given, much is required. I am a firm believer that one of the most important things you can do is to provide an open door to those who wish to see their own dreams realized and are willing to work hard to do so.”
He continued, “Each of the real estate professionals that have graciously volunteered their time to this initiative encompass what the spirit of this program is all about. Some of these individuals were the ones I looked up to and have emulated, and we will continue to do the same for more young men and women here in Turks and Caicos.”
Musgrove says that the program is much more than an introduction to an expanding and lucrative industry. It will allow youngsters to see the side of Turks and Caicos that appeals to the ‘movers and shakers’ of the world. It is his hope that after going through the program the teens will have a better appreciation of their country and will understand why it is a captivating and award-winning destination, and why so many seek to make it a second home.
The Minister of Education, Honourable Rachel Taylor, was also present for the grand announcement proudly declaring the Ministry’s endorsement of the program.
“I was delighted to receive Mr. Musgrove’s communication that this mentorship program was being developed, as it aligns perfectly with one of the key pillars set out in our National Youth Policy.
“I understood that the group’s initial plans were to share this opportunity with students on Providenciales only, for logistical reasons. I believe that this is an experience that should be extended to all high school students in the Turks & Caicos Islands, and I promptly requested that Mr. Musgrove disseminate this information to Grand Turk, North Caicos, and South Caicos with a commitment that my Ministry will provide the necessary transportation for successful Sister Island applicants to travel to Providenciales for their in-person mentorship sessions.
“It is my hope that all eligible students will take advantage of this outstanding opportunity which I and my Ministry are proud to endorse and support.”
“I must point out that our National Skills Audit of 2017 speaks to the soft skills gaps in the areas of Problem Solving, Critical Thinking, Analytical Skills, Communication, Team Building and Customer Services. I am elated that this TCREA Mentorship Program seeks to develop and harness these areas as we prepare our youths to become productive citizens of this country.
“This program is indeed in line with our Youth Policy which incorporates 7 pillars. Pillar 1 speaks to Enhancing Youth Economic Participation and Economic Empowerment. This youth led initiative will aid in promoting the concept of workplace learning as they use the workplace as a learning space through this Mentorship opportunity. This program will bridge the gap in supporting school-to-work transition initiatives for the cohorts of students who may have an eye for Real Estate,” said the Minister.
The TCREA Mentorship Program will run from May to December of this year, culminating in a special retreat. Mentees will receive educational modules at the start of each month and will come together with Mentors at the end of the month to engage in interactive sessions putting their education to practice. These in-person sessions will take shape in office meetups, open house visits, and other exciting activities.
Applications for enrollment into the program were sent to high schools just before the Easter break, with the final day for submissions slated as Friday, April 29th 2022. Musgrove says this first group will be capped at 10 students, as they wish to ensure a personal experience for all involved. He is confident the program will be continued by future TCREA Ambassadors and will grow in size from year to year.
Three Days to NIB Rate Increase for 2023
By Dana Malcolm
#TurksandCaicos, March 29, 2023 – On April 1st, the second round of increases on contributions at the National Insurance Board will kick in for the Turks and Caicos workforce. Announced last year, the increases were instituted to keep the NIB from running out of money by 2027 as it services a population that is living longer with contributions that had not been increased in 30 years.
As the Government’s new financial year begins, increases at NIB will mean a higher cost for doing business and a higher cost for running the Government.
The private sector is expected to pay contributions at a rate of 11 percent on your taxable income. The hike is up from last year’s 10 per cent; six percent of which is to be paid by the Employer and five percent is to be paid by the Employee. For wages of $2000, this will mean a $200 improvement in income per month to the NIB. As for the burn on residents’ pockets, based on a minimum wage of $1200 monthly salary, that’s at least $60 dollars a month and $720 per year.
Public sector rates will move to 10.15 percent up from 9.15 per cent with the worker paying 4.575 per cent and the Government paying 5.575 per cent; that’s $54 a month and $648 a year at minimum wage.
The NIB rate as of April 1, 2023, will jump to 9 percent for self-employed individuals; For self-employed individuals at minimum wage, that is $108 dollars a month or $1296 per year.
As taxable incomes increase so will the contribution.
The increases follow a 2019 Actuarial review, undertaken every three years, which unearthed that the NIB was facing a dismal future, possible collapse. Contribution rates were growing at a rate much slower than NIB expenses, which included beneficiary payouts. On that trajectory, the NIB’s earnings would be eclipsed by its income by 2027, forcing the worker protection plan to draw down on money saved for economic shocks like Covid-19.
Unsurprisingly, this was deemed untenable, and an immediate increase was recommended.
Despite this scramble to boost earnings, the NIB has simultaneously increased payouts. Payouts for pensions, funeral grants, maternity grants and more will all attract bigger sums.
These incremental increases on contributions and payouts were all consultant recommendations, informed statements from the Board.
Work of NAECOB critical in ensuring high standards in education, says Minister Hanna-Martin
Bahamas Golden Jubilee Events Announced, Celebrations Across 33 Islands & Cays
#TheBahamas, March 27, 2023 – As the 50th anniversary of our nation’s independence approaches, Bahamians everywhere are teeming with excitement and expectancy around the year-long celebrations set by The National Independence Secretariat.
Yesterday, the Prime Minister joined H.E Leslia Miller Brice, Chair of The National Independence Secretariat to unveil the Calendar of Events for the 50th Independence celebrations.
The calendar comprises a host of events, initiatives and recommendations for celebrations throughout all 33 islands of The Bahamas.
At this jubilant occasion the PM stated, “Celebrating independence is about acknowledging the greatness around us, the greatness within us, and the greatness ahead of us.
We are Bahamians. That identity is special.”
View the newly released calendar of events here:
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