The Turks and Caicos Islands National Insurance Board informed the general public of the following increases in various benefits provided by the National Insurance Program which will take effect on April 15, 2015.
1. Increase in minimum Retirement Pension
The minimum retirement pension will increase from $335 per month to $370.00 per month
2. Increase in minimum Invalidity Pension
The minimum Invalidity Pension will increase from $335 per month to $370 per month.
3. Increase in Funeral Grant
Funeral grant will increase from $2000 to $2,190 for the contributor and from $1300 to$420 for a dependent of the contributor.
4. Increase in Maternity Grant
Maternity Grant will increase from $500 per child $550 per child
5. Increase in minimum Widow/ Widower’s Pension
The minimum Widow / Widower’s Pension will increase from $250 per month to $270 per month
6. Increase in minimum Children’s Pension
The minimum Children’s Pension will increase from $100 per month to $110 per month
7. Increase in Non Contributory Old-Age Pension
Non Contributory Old-Age Pension will increase from $250 per month to $275 per month
Deputy Director Mr. Walter Gardiner will be sitting down with Expressions to discuss the following next week on Radio Turks & Caicos before resuming his radio show NIB & You on Tuesdays at 11am.
Amendment effective January 1, 2015
8. Retirement Pension Calculation Formula
The formula for calculation of retirement pension has been amended from being previously based the best three years of the last 10 contribution years to now being based on the best five years of the last 10 contribution years effective retroactively January 1, 2015.
