61AA. CPI update of final salary61AA. CPI update of final salary

61AA. CPI update of final salary

“(1) For subsections 56 (4) and 61 (4), the final annual rate of salary of a subregulation 15A (5) person is taken to be:

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where:

CPI1 is the CPI published for the last complete quarter that ends on or before the day when the person ceased to be an eligible employee.

CPI2 is the highest CPI in the published series that starts with CPI1 and ends with the last published CPI on or before the day when the person ceases employment.

S is the actual final annual rate of salary of the person as an eligible employee.

“(2) Subject to subsection (3), if at any time after a benefit becomes payable under this Division, the Australian Statistician has published or publishes in respect of a particular quarter a CPI in substitution for a CPI previously published in respect of that quarter, the publication of the later CPI is to be disregarded for the purposes of this section.

“(3) If, at any time, the Australian Statistician has changed or changes the reference base for the Consumer Price Index, then, for the purposes of the application of this section after the change took or takes place, regard is to be had only to index numbers published in terms of the new reference base.

“(4) In this section:

CPI means the all groups consumer price index number for the weighted average of the 8 capital cities published by the Australian Statistician.

quarter means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December.”.