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Final NIB Increase Instituted on April 1 for TCI Workforce

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Dana Malcolm

Staff Writer 

 

#TurksandCaicos, April 4, 2024 – The final increase in a staggered three-part hike on National Insurance Board contributions has officially been instituted as of April 1 2024 which means higher fees for workers across the country, but higher payouts as well.

The current fees mandate that private sector workers will pay 12 percent; employers pay 6.5 percent and their employees 5.5 percent. Public sector employers will pay 11.15 percent;  6.075 percent from TCIG and 5.075 percent out of pocket. Finally, Self-employed persons will pay 10 percent.

In 2023, the second year of the increase, taxes were as follows: 11 percent at the private sector. Public sector rates were increased to 10.15 percent and 9 percent for self-employed individuals.

Before that, In 2022 when the increases were instituted, taxes were 10 percent at the private sector, 9.15 percent at the public sector and for self-employed individuals the rate moved to 8 percent of taxable income.

This three-part boost puts NIB contributions into the range needed to fund the plan without dipping into its reserves, which is in the tens of millions of dollars. That was the point of the increase, the NIB had said that since its inception in the 90s, collection rates had stayed the same but payouts had increased.

A 2019 actuarial review, which recommended the hike, had warned that without the extra cash, by 2027 the NIB would have to start dipping into its reserves to make payments. This was deemed unsustainable because reserve funds are to be used in periods of economic downturn so that those depending on their NIB payments can still benefit.

Thus the rate hikes were granted, with collections beginning in 2022.

That same year, another review was done, as is mandatory every three years. It found that residents needed more money to get by, resulting in across the board increases in payments from January 1st 2022 onward.

Areas that saw payment boosts included Minimum Pensions; Non-Contributory Old Age Pension (NCOAP); Maternity Grants; Funeral Grants; Death Grants; and NIB weekly allowance. Pensions in particular saw additions of up to 13 percent.

Even with higher payouts, the agency is projected to easily stay afloat.

NIB executives during a meeting of the Appropriations Committee on May 2nd, 2023 had revealed that the projected income for the fiscal year 23/24 was $63 million with a projected surplus of $31 million.

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Police Commissioner Honoured with Distinguished Civic Service Award at TCHTA Star Awards

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Providenciales, Turks and Caicos Islands – Commissioner of Police Fitz Bailey has been recognised for his contribution to national security and the tourism industry, receiving the Distinguished Civic Service Award at the Turks and Caicos Hotel and Tourism Association’s Star Awards held on February 19, 2026 at Beaches Turks and Caicos.

The annual awards ceremony is the premier recognition event for the territory’s hospitality sector, bringing together industry leaders, executives and frontline professionals to celebrate excellence and the individuals whose work strengthens the destination’s global reputation.

Commissioner Bailey was honoured for his strategic leadership in the fight against crime and the measurable reductions in major offences, efforts widely credited with improving public confidence and reinforcing the Turks and Caicos Islands’ standing as a safe and competitive tourism jurisdiction.

In accepting the award, the Commissioner dedicated the recognition to the officers and staff of the Royal Turks and Caicos Islands Police Force, praising their commitment and professionalism in what he described as a collective national effort to make the islands more secure.

The TCHTA Star Awards spotlight the link between public safety and tourism performance, acknowledging that a stable and safe environment is essential to visitor confidence, investment and the continued growth of the sector.

This year’s ceremony featured high-energy hosting by Super P the Entertainer, with Omega serving as awards announcer, as the industry gathered to honour the people and partnerships that continue to elevate the Turks and Caicos brand.

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New Chartered Accountant Member Appointed to The Integrity Commission

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Darius E. Ferguson, Member of the Integrity Commission Board

Providenciales, Turks and Caicos Islands – Friday, 27 February 2026: Her Excellency the Governor, Dileeni Daniel-Selvaratnam, today announced the appointment of Mr. Darius E. Ferguson as a Member of the Integrity Commission Board, serving as the Chartered Accountant Member in accordance with Section 3(2)(a) of the Integrity Commission Ordinance. His appointment is for a period of three (3) years and follows consultation with the President of the Turks and Caicos Islands Society of Professional Accountants.

Mr. Ferguson, with family ties to Providenciales and South Caicos, is a Chartered Accountant with over twenty years of senior leadership experience across aviation, finance, technology and consultancy, he brings a strong and diverse background in financial governance, regulatory compliance and strategic planning.

A former Chief Financial Officer of Sky Bahamas Airlines for a decade, Mr. Ferguson managed all financial reporting, regulatory engagement, capital projects and commercial development initiatives. He previously served in senior audit roles at both Ernst & Young LLP and PricewaterhouseCoopers LLP, leading high‑risk audit engagements and ensuring adherence to international financial and accounting standards.

Throughout his career, Mr. Ferguson has demonstrated a strong commitment to professional ethics, community leadership and organisational accountability. His experience across corporate governance, financial oversight, and operational risk management will bring valuable strategic insight to the Integrity Commission.

Her Excellency the Governor welcomed the appointment, stating:

“Mr. Ferguson’s extensive background in financial management, auditing and governance, together with his leadership experience across both corporate and community sectors, make him well‑suited to serve on the Integrity Commission. His appointment strengthens our ongoing commitment to integrity, transparency and accountability in public life. I am confident that he will make a meaningful contribution to the Commission’s important work.”

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Multi-Agency Planning Enforcement Action Conducted in Five Cays

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Providenciales, Turks and Caicos Islands – Friday, 27 February 2026: The Informal Settlements Unit (ISU), in collaboration with key government agencies, coordinated a multi-agency enforcement exercise on Thursday, 5 February 2026, at Block and Parcel 60503/17 in the Five Cays area.

The exercise was led by the Planning Department, pursuant to its statutory authority under the Physical Planning Act to address unauthorised development. The ISU coordinated the operation, with support provided by the Crown Land Unit and the Turks and Caicos Islands Border Force, while the Royal Turks and Caicos Islands Police Force ensured security throughout the activity.

The enforcement action formed part of a Public Private Partnership initiative between the Turks and Caicos Islands Government and private landowners. The registered owners of the land would have sought the state’s assistance to issue copies of Section 58 Enforcement Notices on unlawful structures identified on the parcel. The subject parcel comprises approximately 25 acres extending across Millennium Highway.

During the exercise, a total of fifty-four (54) copies of the Enforcement Notice were issued on structures located on the parcel. Notices were affixed to structures and served on persons found to be occupying illegal developments.

The Informal Settlements Unit reiterates that these coordinated enforcement exercises form part of the Government’s ongoing efforts to uphold planning regulations, protect property rights, and promote orderly and lawful development. Persons undertaking construction are reminded that development without the requisite planning approvals is unlawful and subject to enforcement action.

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