Department of Motor Vehicles Continues Training Sessions as it Moves Towards Digitization
#TurksandCaicos, March 2, 2023 – On Monday, February 27th 2023, the Department of Motor Vehicles (DMV) announced the continuation of its training sessions as it moves towards the digitization of services and upgrading its access to the general public. The training sessions which began at the beginning of February are ongoing with the aim of having all staff trained and acquainted with the new system to offer a more efficient customer experience when conducting business with the DMV.
The DMV understands that this transition may cause intermittent disruptions to office access during regular working hours. As a result, the public will be notified when there is a need to limit access to services offered. The DMV will make every effort to minimize any inconvenience and ensure that any necessary disruptions are as brief as possible.
The DMV is committed to providing the public with easier access to its services in a timely manner. Through this digitization initiative, the DMV will be able to offer a more streamlined service to the public, reducing wait times and making it easier to access services offered by the department.
The DMV appreciates the public’s patience and understanding during this transition as it works to improve its services. The training sessions are expected to continue for several more weeks and the DMV will keep the public informed of any updates or changes as they arise.
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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