House of Assembly Members agree to extend time of Public Service loan repayment  

Deandrea Hamilton

Editor

Turks and Caicos, November 6, 2024 – Christmas advance for the Public Service of the Turks and Caicos is coming in the usual fashion, according to Washington Misick, the TCI Minister of Finance, Investment and Trade, however there was a motion in play to amend the Public Finance Management Ordinance, relaxing some of the terms of repayment guidelines.

“Section 24, three permits the minister through an order to authorise a payment period of up to six months. This amendment will empower the minister to extend the repayment period to nine months, after a grace period of one month,” said Washington Misick during House of Assembly meeting on Tuesday November 5.

The amendment affects Section 24, one which in its current form stipulates a three month time frame for repayment and that those payments are due to happen within the financial year the advance is given.

“Easing the burden off people’s monthly salary deductions by spreading a loan over, especially an interest free loan, that is being spreading over a longer period of time is very beneficial to the people,” said Edwin Astwood, Opposition Leader.

Astwood requested a provision to ensure anyone leaving the Public Service early would be made to repay the balance of the salary advance.  Misick, Premier and Finance Minister assured the repayment of the commitment is addressed in the government’ HR Policy.

It was unanimously supported by House of Assembly members in attendance on the morning of Tuesday, November 5, 2024.