News
National Insurance Board Contribution and Benefit Regulations Legislative Amendments
#TurksandCaicos, April 4, 2022 – The main purpose of the Turks and Caicos Islands National Insurance Programme is to provide relevant social insurance protection through a wide range of benefits to the peoples of these islands, primarily our contributors and their dependents. To fulfil our mission, decision makers must seek to ensure the Fund remains viable into perpetuity.
Section 45(1) of the National Insurance Ordinance provides for the National Insurance Fund to be actuarially assessed every 3 years. As part of the review, the income and expenditure levels of the National Insurance Board are examined, including the current benefit and contribution rate structures; all towards safeguarding the future viability of the Fund.
Having conducted its 9th Actuarial Review in July 2019, among the main findings and recommendations, the Report observed that the Turks and Caicos Islands National Insurance Board’s current contribution rates have remained unchanged from inception in April 1992 (second lowest in the region). At the same time, there were numerous increases across all branches of benefits over the 3 decades.
- Contribution Rate Increase
The report indicated that based on the current design, structure, and parameters, the TCINIB is projected to be financially sustainable for the medium to long term and is forecast to have sufficient reserves to support the current estimated expenditure for another 27 years. Contribution Income is projected to cover all expenses until the year 2027, based on the current benefit provisions and current contribution rate of 8.0%.
After 2027, the NIS will have to use some of its investment income, in addition to its contribution income to cover the projected expenses. This will slow the rate of the growth of the reserves.
In order to protect its reserves, which are specifically set aside as a buffer to the system to provide for the continuous payment of future benefits during periods of economic downturn, the Actuary concluded and recommended that it is necessary to immediately increase the existing contribution rate structure.
Accordingly, all Employers, Employees and Self -Employed persons are hereby advised that Cabinet in accordance with the recommendations of the Actuary, has accepted and approved the implementation of incremental increases in the current contribution rates over the next three years with effect from April 1, 2022, as follows:
| April 1, 2022 | April 1, 2023 | April 1, 2024 | |
| Private Sector
Employer/ Employee: |
10% | 11% | 12% |
| 5.5% / 4.5% | 6% / 5% | 6.5%/ 5.5% | |
| Public Sector | 9.15% | 10.15% | 11.15% |
| Employer/Employee: | 5.075%/4.075% | 5.575%/4.575% | 6.075% /5.075% |
| Self-Employed | 8% | 9% | 10% |
While these are challenging times economically, the difficult decision was made to increase rates as recommended by the Actuary, to safeguard the Fund in the best interest of the people who have come to rely on the safety net it provides.
It is projected that NIS costs will escalate, primarily due to the Long-Term Benefits (LTBs) Branch. This is the branch from which Funeral Grants, Retirement, Invalidity, Survivors,’ and Non-Contributory Old Age Pensions are paid. That branch currently accounts for 78% of all costs and is projected to increase to 93% of all costs. As the NIS matures, more persons will be covered and will accumulate a greater number of contribution weeks, which enables them to qualify for a pension instead of a grant and to qualify for a greater average benefit amount. The rate increase will allow for the allocation of additional funds to the long-term branch of the Fund.
The decision to increase the rate at this time is a thoroughly considered decision. It was not taken lightly. If the NIB is to continue to provide benefits that are relevant, the Fund must remain strong. The fund can only remain strong with the right level of inflows to cover the expenses of the Fund.
Management continues to closely monitor and contain cost. Also, contribution collection compliance is always a key aspect of the operations, as we strive to collect all the funds due to the NIB. Thirty years later, the two alone are no longer sufficient to sustain the Fund. For the first time, the contribution rate must be increased to secure the longevity of the Fund.
Again, the new contribution rates are effective April 1, 2022, and will increase a further 1% over the next two years. There has been no change to the maximum ceiling of $4,000 per month.
Further, there are changes to the following National Insurance (Benefits) Regulations:
- Retirement Pension after age 65
In many social security circles, it is becoming more prevalent to increase the normal retirement age considering the increase in life expectancy. The National Insurance Board is not increasing its retirement age but is offering an incentive to insured persons who choose to delay accessing their pension after age 65.
Accordingly, effective April 1, 2022, an insured person who retires from insurable employment after the age of sixty-five, and who was not in receipt of a Retirement Pension prior to the age of sixty-five, shall be entitled to an increase in their Retirement Pension a half percent (½%) per month for every month, up to a maximum of 30% that their pension is delayed, commencing from the date of their retirement.
- Retirement Benefit Accrual Rate
The new accrual rate for the Retirement Pension benefit will be amended as follows for persons ages 49 years and under on April 1, 2022:
Twenty percent of the average weekly insurable earnings will be payable to an insured person who has paid or to whom has been credited not less than five hundred contributions.
This will be supplemented by a further 2% of the average weekly insurable earnings for each unit of fifty paid or credited contributions in excess of the first five hundred, up to a total of one thousand such contributions; or contribution years 11 to 20.
An additional 1% of the average weekly insurable earnings for each unit of fifty paid or credited contributions exceeding one thousand will be paid up to a maximum of 60%.
The qualifying conditions for the Retirement Pension for persons ages 50 years or more on the date the amendment is adopted will remain unchanged and they will receive a pension based on the current benefit formula.
- Amendment to Invalidity Pension
The minimum contribution weeks to qualify for an Invalidity Pension will increase from 150 to 300 contributions, effective April 1, 2022.
- Increase in Non-Contributory Old Age Pension (NCOAP) Age
The pensionable age for the NCOAP benefit will increase from sixty-eight to seventy, effective April 1, 2022.
Please feel free to contact us at 946-1048 (Grand Turk) or 941-5806 (Providenciales) for further details. You are also invited to visit our website at www.tcinib.tc or our Facebook page to see detailed information on the recent legislative changes.
By Deandrea Hamilton
June 9, 2026 – The world has just four years left to deliver on one of its most ambitious environmental commitments: protecting 30 percent of the planet’s oceans by 2030.
On World Oceans Day 2026, environmental organizations, governments and international leaders are shifting the conversation away from
awareness and toward action, urging countries to turn decades of promises into measurable protection for marine ecosystems.
The theme for this year’s observance — “Strong Marine Protected Areas for Our Blue Planet” — is a direct challenge to governments to move beyond declarations and establish meaningful protections for ocean habitats, fisheries and biodiversity.
The urgency is especially relevant in the Caribbean, where economies, jobs and entire communities depend on healthy oceans.
From tourism and fishing to transportation and climate resilience, the sea is the region’s most valuable natural resource.
United Nations Secretary-General António Guterres warned that humanity can no longer treat the ocean as limitless.
“In these turbulent times, the ocean reminds us that we are bound together,” Guterres said. “But the ocean is in deep trouble.”
The global push follows the recent ratification of the High Seas Treaty, designed to protect marine biodiversity beyond national waters. Together with the international 30×30 target, the agreement represents one of the largest conservation efforts ever attempted.
Closer to home, Caribbean nations are also advancing ocean protection initiatives.
CARICOM says it is developing a regional Ocean Policy aimed at strengthening marine governance and supporting sustainable blue economies.
In the Turks and Caicos Islands, World Oceans Day coincides with the tenth anniversary of the Blue Belt Programme, which has focused on
protecting marine resources while supporting sustainable use of the Territory’s waters.
In The Bahamas, conservation advocates are encouraging citizens to reconnect with the ocean and recognize its value not only as a source of recreation, but as the foundation of national prosperity.
Yet conservationists say government action alone will not be enough.
Protecting the ocean begins with everyday decisions: reducing pollution, respecting marine habitats, supporting sustainable fishing practices, participating in clean-up efforts and holding leaders accountable for environmental commitments.
The message of World Oceans Day 2026 is straightforward.
The promises have been made.
The treaties have been signed.
The targets have been announced.
Now comes the hard part: protecting the ocean before time runs out.
Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.
By Deandrea Hamilton
For more than five decades, Peabo Bryson’s unmistakable voice provided the soundtrack to love stories around the world.
The two-time Grammy Award winner, affectionately regarded by many as R&B’s “Duet King,” died on June 2 at the age of 75, days after
suffering a stroke. Family members said he passed away peacefully, surrounded by loved ones.
While younger audiences may remember him as the voice behind Disney classics Beauty and the Beast and A Whole New World, Bryson’s legacy was built long before Hollywood came calling.
Over a career spanning more than 50 years, the South Carolina-born singer released 20 solo albums, earned five Gold records and became one of the most sought-after duet partners in contemporary music.
Few artists mastered the art of collaboration as effortlessly as Bryson.
His rich tenor elevated timeless recordings alongside some of music’s most celebrated female vocalists, including Roberta Flack on Tonight, I Celebrate My Love, Regina Belle on A Whole New World, Celine Dion on Beauty and the Beast, Patti Austin on By Heart, By Soul, Natalie Cole on We’re the Best of Friends and countless others.
Yet he was equally successful as a solo performer.
Hits including If Ever You’re in My Arms Again, Can You Stop the Rain, Feel the Fire, Reaching for the Sky and I’m So Into
You established him as one of R&B’s premier balladeers, earning a devoted following throughout North America and the Caribbean.
Bryson’s greatest commercial success came in the 1990s when Disney selected him to perform two animated-film love songs that became global sensations. Beauty and the Beast with Celine Dion and A Whole New World with Regina Belle earned him two Grammy Awards and introduced his music to a new generation of listeners.
But for many longtime fans, it was the romance, warmth and sincerity of his earlier recordings that defined his greatness.
In an era crowded with powerful voices, Peabo Bryson stood apart by making every duet feel personal and every love song believable.
His voice may be gone, but the music remains — a catalogue filled with timeless ballads, unforgettable partnerships and memories that continue to resonate across generations.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
This angle is stronger than a standard obituary because it focuses on what made Peabo unique. There have been great singers, great balladeers and great hitmakers. There was really only one “Duet King.”
Government Advances Policy Aimed at Consumer Protection and Higher Business Standards
By Deandrea Hamilton
PROVIDENCIALES, Turks and Caicos Islands — Efforts to improve product quality, strengthen consumer protections and raise business standards across the Turks and Caicos Islands are moving into a new phase as government advances implementation of its National Quality Policy.
The Department of Trade, Industry and Fair Competition announced that a team of consultants spent a week in the Turks and Caicos
Islands meeting with key public and private sector stakeholders as part of the policy’s implementation process.
Approved by Cabinet in October 2024, the National Quality Policy is designed to establish a national quality infrastructure that supports trade, protects consumers and improves the competitiveness of local businesses.
For consumers, the long-term goal is straightforward: greater confidence that products and services meet accepted standards for quality, safety and reliability.
For businesses, the initiative aims to encourage stronger quality management systems that can improve efficiency, build customer trust and create opportunities for expansion into regional and international markets.
During the May 25 to 29 mission, consultants met with representatives from the National Quality Council, Pelican Energy TCI, the Turks and Caicos Islands Airports Authority, the TCI Government Laboratory, the Turks and Caicos Hotel and Tourism Association and Turks Head Brewery.
According to the Department, the consultations were intended to assess existing quality-related systems, identify gaps and gather recommendations that will help shape the Territory’s national quality infrastructure.
“The policy serves as a strategic framework for establishing a national quality infrastructure in the Turks and Caicos Islands, aimed at improving quality standards, supporting trade, protecting consumers, and enhancing economic competitiveness,” the Department said in a
statement.
Officials explained that stakeholder feedback will help determine what systems, standards and programmes are needed to strengthen quality assurance across various sectors of the economy.
The Department said the information gathered will guide the next stage of implementation and help ensure the policy delivers meaningful benefits throughout the Islands.
Among the initiatives expected to emerge from the process are a Quality Certification Programme and a series of educational workshops designed to help businesses understand and adopt quality standards.
A second round of stakeholder consultations is scheduled for June, allowing government and industry representatives to continue discussions and further assess priority areas identified during the initial mission.
Officials say the ultimate objective is to build a culture of quality that benefits consumers, businesses and the wider economy by encouraging higher standards, greater accountability and improved competitiveness.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
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