On reflecting on the critically important role that the NIB has played over the past 24 years in the lives of the people of the Turks and Caicos Islands, newly appointed Director/ CEO of the National Insurance Board, Mr. Walter Gardiner, has released some overwhelmingly important statistics to the public that the NIB has paid in excess of 116.5 million dollars in benefit payments in the TCI since its inception in April 1992.
April 6, 2016 marks the 24th anniversary of the country’s social insurance programme and, in looking back on the introductory years, Mr. Gardiner commented:
“The NIS legislation today is undoubtedly the best pieces of social protection legislation ever implemented in the TCI. Introduced under an extremely dark cloud of suspicion, mistrust and bitter opposition from employers, employees and the self-employed alike, convincing the general public to “buy in” was a very difficult sell at that time as this was the very first time that monies were mandatorily deducted from the salaries of their employees.
It was not an easy task enforcing compliance as the majority of persons viewed us at that time as just another form of taxation guised as social security to put monies into the coffers of government to abuse and borrow from. Indeed, we received strong resistance from many self employed persons; large and small employers, who refused to pay unless prosecuted, threatened to reduce staff or close business- even petitions from the then Chamber of Commerce that an introduction at that time would prove to be a deterrent to potential investors.. Indeed, many predicted that we would fail because we were managed by young, inexperienced personnel.
However, today, we have certainly proven our worth to the people of the TCI and have earned their confidence, trust and admiration for the social and financial protection that we have provided these past 24 years and will continue to provide in countless years to come. Literally, thousands of people depend on us, but more importantly, thousands of people can depend on us”, commented Mr. Gardiner.
Mr. Gardiner reported that as at March 2015, the reserves of the NIB excess of $191 million.
The institution currently collects $27 million annually in contribution income and provides over $13 million annually in benefit payments.
To date the programme has paid out $87,743,225 in long term pensions since its inception and currently supports 1,505 persons with long term pensions as follows:
Pension Type # of Recipients Total Amount Paid
Retirement Pension 971 51,596,052
Non Contributory Old Age Pension 221 15,873,154
Survivors Pension 178 8,901,841
Invalidity Pension 95 6,845,975
Disablement Pension 29 2,577,141
Death Benefit 8 1,822,220
Constant Attendance Allowance 3 126,842
Total: 1,505 87,743,225
Mr. Gardiner further revealed that the institution paid out a total of $28,778,835 in the remaining short term benefits as follows:
Benefit Type Total Amount Paid 1992- Feb 2016
Maternity Allowance 11,337,920
Maternity Grant 2,499,200
Injury Benefit 1,637,139
Medical Expenses 76,961
Sickness Benefit 10,555,807
Funeral Grant 1,580,978
Retirement Grant 894,021
Travel Expenses 77,459
Survivors Grant 90,547
Death Grant 28,800
TOTAL $28,778,835
These payouts combined means that the NIB has been responsible for the distribution of $116,522,060 within the local economy since its inception.
On behalf of the Honourable Minister, C. Washington Misick, the Board of Directors, Management and Staff of the NIB, we say Happy 24th Anniversary to all our contributors and beneficiaries as we look forward to continue providing you excellent social insurance coverage.
