Document ID: chunk:federal_register_of_legislation:F2024C00663:reg:9
Version: federal_register_of_legislation:F2024C00663
Segment Type: reg
Provision Reference: reg 9
Character Range: 10024–11112

9  Manner of calculating further annual increase—indexation after cessation of employment
  For the purposes of subsection 8(9D) of the Act, the further increase in normal weekly earnings referred to in subsection 8(9B) of the Act is to be calculated, to 3 decimal places and rounded up to 2 decimal places, in accordance with the following formula:
where:
F is the greater of the following:
 (a) the number (worked out to 4 decimal places and rounded up to 3 decimal places) obtained by dividing the index number by the previous index number;
 (b) 1.000.
index number is the index number of the Wage Price Index mentioned in section 8 for the quarter that ended on 31 December in the year immediately before the indexation date.
previous index number is the index number of the Wage Price Index mentioned in section 8 for the quarter that ended on 31 December in the previous year.
WE is the normal weekly earnings that applied immediately before the indexation date.
Note: Under this formula, there will be a further increase in normal weekly earnings only if F is greater than 1.000.