10TH ACTUARIAL REVIEW - REVISION OF NIB BENEFITS
In accordance with statutory requirements, the Turks and Caicos Islands National Insurance Board commissioned its 10th Actuarial Review, which was conducted by Trinity Consulting Ltd, St. Vincent & The Grenadines.
The purpose of such an exercise every three years, is to assess the soundness and financial viability of the National Insurance Fund.
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.
Having due consideration for the recent increases in inflation, the 10th Actuarial Review proposed recommendations for several benefit increases.
The National Insurance Board is pleased to inform the general public that The Cabinet approved the following amendments to various sections of the National Insurance (Benefits) (Amendments)(NO.2) Regulations 2022 which took effect on January 1, 2023.
Increases to Pensions - in - Pay
• Pensions-in-Pay which were awarded on or before March 31, 2017 be granted a 13.2% increase;
• Pensions-in-Pay awarded April 1, 2017 to March 31, 2018, dates inclusive, be granted a 10.9% increase;
• Pensions-in-Pay awarded April 1, 2018 to March 31, 2019, dates inclusive, be granted an 8.6% increase; and
• Pensions-in-Pay awarded April 1, 2019 to March 31, 2020, dates inclusive, be granted a 6.3% increase.
• Pensions-in-Pay awarded April 1, 2020 to March 31, 2021, dates inclusive, be granted a 3.4% increase.
Increase in Minimum Pensions
• Primary minimum pension be increased from $405 to $460;
• Spousal minimum pension be increased from $300 to $340;
• Dependents minimum pension be increased from $120.00 to $135
All affected pensioners will be formally advised of their new monthly pensions.
Increase in Non-Contributory Old Age Pension (NCOAP)
1. NCOAPs will increase from $300 to $345;
92% of our pensioners across the Turks & Caicos Islands will benefit from these increases.
Increase in Maternity Grants
The Maternity Grant will increase from $600.00 to $680.00 per child.
Increase in Funeral Grants
• Funeral grant and dependent’s funeral grant to be increased from $2,390 to $2,720 and from $1,550 to $1,765, respectively; and
Increase in Death Grants
• Death Grant and dependent’s death grant to be increased from $2,390 to $2,720 and from $955 to $1,765, respectively.
Constant Attendance Allowance
The NIB agrees that the weekly allowance be increase from $50 to $200.
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.