29Amount of long service payment

29 Amount of long service payment

29 Amount of long service payment

(1) As soon as practicable after an application is made to the Corporation under section 28 (1) or (2), the Corporation shall, subject to subsection (2) and section 30, pay to the applicant a long service payment calculated in accordance with the following formula—

(2) Where a long service payment payable under subsection (1) is payable in respect of a registered worker who is or, immediately before the registered worker’s death, was a foundation worker, that long service payment is the first such payment payable in respect of that registered worker (whether under this Act or the former Act) and the application for the payment was made under—

(a) section 28 (1) (a), (f) or (g) or (2) (a) or (b), the payment under subsection (1) shall be increased by an amount calculated in accordance with the following formula—

(b) section 28 (1) (c) or (2) (c), the payment under subsection (1)—

(i) shall be increased by an amount calculated in accordance with the following formula—

(ii) where the registered worker has more than 5 years’ service credits in the register of workers—shall be further increased in accordance with the following formula—

(c) section 28 (1) (d) or (1) (e), the payment under subsection (1) shall be increased by an amount calculated in accordance with the following formula—

(3) For the purposes of the formulae in subsections (1) and (2)—

LSP represents the amount of the long service payment,

I represents the amount of the increase or the further increase, as the case may be,

S represents the number of days’ service with which the registered worker in respect of whom the application is made is credited in the register of workers at the date the application is lodged with the Corporation or, if the worker so requests, at a date after which an entitlement under section 28 (1) first arose,