Commonwealth Numbered Acts

SEAFARERS REHABILITATION AND COMPENSATION ACT 1992 No. 234, 1992 - SECT 44

44.(1) If:

   (a)  an employer is liable to make weekly payments under section 31, 33,
        34, 35 or 36 to an employee for an injury resulting in an incapacity;
        and

   (b)  the amount of those payments is $62.99 per week or less; and

   (c)  the employer is satisfied that the degree of the employee's incapacity
        is unlikely to change; the employer must make a determination that any
        liability to make further payments to the employee under that section
        be redeemed by the payment to the employee of a lump sum.

(2) The amount of the lump sum is the amount worked out using the formula:
    52  x  Amount per week    x    ((Specified rate  +  1)y  -  1)

           Specified rate     x     (Specified rate  +  1)y
where:

"Amount per week" means the amount per week payable to the employee under
section 31, 33, 34, 35 or 36 as the case may be, at the date of the
determination;

"Specified rate" means the specified rate, expressed as a decimal fraction,
applicable at the date of the determination;

"y" (Number of years) means the number worked out by dividing by 365 the
number of days between the date of the determination and the day on which the
employee reaches 65 (rounded to 3 decimal places).

(3) The Minister may, from time to time, by notice in writing, specify a rate
for the purposes of subsection (2).