Amount of retirement grant

(1) The retirement grant shall be a lump sum equal to – (a) six times the average weekly insurable earnings of the insured person for each unit of fifty contributions paid or credited; or (b) two and one–half times the sum of the weekly insurable earnings of the insured person in respect of which contributions were paid or credited divided by the number of weeks of contributions for each unit of fifty such contributions, whichever is the greater: Provided that the amount of retirement grant shall not be less than eight hundred dollars. (2) For the purposes of this Regulation, the expression “average weekly insurable earnings” in subparagraph (a) of paragraph (1) has the same meaning assigned to it by Regulation 26 (2).