Rate of invalidity pension

(1) The weekly rate of invalidity pension payable to an insured person in respect of whom not less than five hundred contributions have been paid or credited shall be thirty percent of the average weekly insurable earnings supplemented by an amount equal to– (a) two percent of the average weekly insurable earnings for each unit of fifty paid or credited contributions in excess of the first five hundred up to a total of seven hundred and fifty such contributions; and (b) one percent of the average weekly insurable earnings for each unit of fifty paid or credited contributions in excess of seven hundred and fifty. 70 Social Security (2) The weekly rate of invalidity pension payable to an insured person in respect of whom less than five hundred contributions have been paid or credited shall be twenty–five percent of the average weekly insurable earnings in respect of the first two hundred and ninety–nine such contributions supplemented by one per cent of the average weekly insurable earnings for each unit of fifty paid or credited contributions in excess of two hundred and ninety-nine. (3) Subject to Regulation 19, the expression “average weekly insurable earnings” has, for the purposes of this Regulation, the same meaning assigned to it by Regulation 26 (2). (4) The weekly amount of invalidity pension payable under paragraph (1) or paragraph (2)– (a) shall not be less than forty-seven; (b) shall not exceed a rate of sixty percent of the average weekly insurable earnings of the insured person.