Document ID: chunk:federal_register_of_legislation:C2024C00651:section:24b
Version: federal_register_of_legislation:C2024C00651
Segment Type: section
Provision Reference: s 24B
Character Range: 202845–204166

24B  Payment of retiring allowances and annuities
 (1) Retiring allowances and annuities under this Act are payable fortnightly.
 (2) Where the rate of a retiring allowance or annuity is an annual rate, the amount of the retiring allowance or annuity, as the case may be, payable in respect of a period that is not a complete year, or an exact number of complete years, shall be ascertained:
 (a) where the period is one day—by dividing the annual amount of the retiring allowance or annuity, as the case may be, by 365; and
 (b) where the period is a number of days—by multiplying the annual amount of the retiring allowance or annuity, as the case may be, by the number of days in the period and dividing the product by 365.
 (3) Where the rate of a retiring allowance or annuity is a weekly rate, the amount of the retiring allowance or annuity, as the case may be, payable in respect of a period that is not a complete week, or an exact number of complete weeks, shall be ascertained:
 (a) where the period is one day—by dividing the weekly amount of the retiring allowance or annuity, as the case may be, by 7; and
 (b) where the period is a number of days—by multiplying the weekly amount of the retiring allowance or annuity, as the case may be, by the number of days in the period and dividing the product by 7.