Election of weekly income

(1) A self-employed person who is over the age of fifty years on or after the appointed day shall declare a weekly income not to exceed two hundred dollars. (2) A self-employed insured person who is under fifty years of age on or after the appointed day and who has paid contributions as a self-employed person in the year in which he reaches the age of fifty-four years shall be deemed to have declared for any subsequent contribution year for which he is liable to pay contribution the same weekly income as the income he had declared for the contribution year in which he had reached the age of fifty-four years. (3) Every self-employed person shall declare a weekly income for each contribution year not later than the end of the calendar month following that in which the first contribution week of the new year in which he is liable to pay contribution as a self–employed person begins, and such declaration shall be valid for the whole contribution year: Provided that for any subsequent contribution year the self-employed person may only declare a weekly income, which is not to exceed fifty dollars from the immediately lower or higher amount of weekly income to the one the self- employed person had declared in the immediately preceding contribution year. (4) A self-employed person who fails to declare a weekly income within the time prescribed in subregulation (3) for any contribution year, shall be deemed to have declared the weekly income he had declared for the preceding contribution year. 264 Social Security