Increases Across the Board at NIB

By Dana Malcolm 

Staff Writer 

#TurksandCaicos, January 15, 2023 – Pensioners across the Turks and Caicos are looking at across the board increases in their National Insurance Board (NIB) payouts after an actuarial review found that more cash needed to be flowing to beneficiaries.

An increase in Minimum Pensions was first up with Primary minimum pension increased from $405 to $460; Spousal minimum pension increased from $300 to $340; and Dependents minimum pension increased from $120.00 to $135.

Non-Contributory Old Age Pension (NCOAP) payouts will increase from $300 to $345; the combined benefits of which the NIB says will reach 92% of pensioners across the Turks & Caicos Islands.

There was also an Increase in Maternity Grants $600.00 to $680.00 per child; an increase in Funeral Grants and dependent’s funeral grant from $2,390 to $2,720 and from $1,550 to $1,765, respectively; and an increase in Death Grants and dependent’s death grants from $2,390 to $2,720 and from $955 to $1,765, respectively; and the NIB weekly allowance will be increased from $50 to $200.

In addition to all of that:

• All Pensions currently being paid which were awarded on or before March 31, 2017 have been granted a 13.2% increase;
• Pensions awarded on April 1, 2017 to March 31, 2018, dates inclusive will get a 10.9% increase;
•  Pensions awarded April 1, 2018 to March 31, 2019, dates inclusive were granted an 8.6% increase; and
• Pensions  awarded April 1, 2019 to March 31, 2020, dates inclusive, now have a 6.3% increase.
•  And Pensions  awarded April 1, 2020 to March 31, 2021, dates inclusive, will be granted a 3.4% increase.

The extra cash was courtesy of the latest actuarial review; conducted every three years the most recent was undertaken by Trinity Consulting Ltd, of St. Vincent & The Grenadines in 2022 a year where international and local inflation levels were at extreme highs.

“As part of the triennial review, the Actuary considered the amounts of benefits and whether they maintained their value in relation to the cost of living and the general level of earnings, having regard for the financial condition of the Fund and the general economic conditions in the Islands.”  The NIB said maintaining that inflation was specially considered.

The increases which have been approved by Cabinet, took effect as of January 1st.