Distribution of income of Fund among the Income and Expenditure Accounts of Benefit Branches

(1) Subject to subregulation (1:01), all sums collected as contributions shall be distributed among the Benefit Branches in the following proportions – (a) Short–term Benefits Branch 22.50% (b) Long–term Benefits Branch 65.00% (c) Employment Injury Benefits Branch 12.50% Social Security 219 Provided that– (i) where a sum is collected as contribution which in accordance with the Act is payable only in respect of specified benefit or benefits such sums shall be allocated to the Branch of which such benefit or benefits form part with due regard to the provisions of this paragraph; (ii) if in an actuarial report made under the Act a revision of the contribution rate or of the method of distribution of sums collected as contribution is recommended, the Minister may, after consulting the Board, modify by order or Regulation the provisions of this paragraph accordingly. (1:01) Of the Employment Injury Benefits Branch, the Board may, with the approval of the Minister, expend for social development purposes 0.15 per centum of the funds actuarially assessed from the total insurable earning ceiling collected as contributions for the said Branch, and all projects for such purposes shall be financed from a separate account to be opened and named the “Social Development Account”. (2) The income from the investment of the Reserves shall be allocated as follows– (a) the income from the investment of the Short- term Benefit Contingency Reserve shall be allocated to the Short–term Benefits Branch; (b) the income from the investment of the Long- term Benefits Reserve shall be allocated to the Long-term Benefits Branch; 220 Social Security (c) the income from the investment of the Disablement and Death Benefit Reserve shall be allocated as provided in paragraph (3) of Regulation 16; (d) subject to Regulation 16(4), the income from the investment of the Employment Injury Benefits Reserve shall be allocated to the Employment Injury Benefits Branch. (3) All other income to the Fund which cannot be identified with any specific Branch shall be distributed among the three Benefit Branches in equal parts.