Condition of insurance

In exercise of the powers conferred upon me by the proviso to subsection (1) of section 3 of the Social Security Act I, Manuel Esquivel, Prime Minister and Minister responsible for Social Security, do hereby prescribe that the persons of and above the age of sixty–five years in any of the employments specified in the First Schedule to the Social Security Act shall be insurable on the following conditions: First Schedule. (a) the insurance shall only be against employment injury and against the disease as prescribed in the Third Schedule to the Social Security (Benefit) Regulations; (b) the rate of contribution shall be $2.60 per week or part of a week; (c) the contribution shall be payable by the employer only; (d) the rate of benefit shall be based on the actual earnings of the insured person: Social Security 251 Provided that the maximum insurable earnings shall not be more than $320 per week; (e) the contribution shall be made by direct payment.