Social Security Act (Cap. 318), article 58

58. For the purposes of this Part, in calculating the pensionable income, the Director shall ignore any increase in any wage, sal ary or income reckoned for the purpose of assessing or reassessing such pensionable income - (a) which is meant to substitute - (i) any form of fringe benefit and/or personal drawings, whether ex-cash or ex-bank, to which the person concerned would have otherwise been entitled from his employer; and (ii) any other form of income or remuneration which was previously receivable by the person concerned from any source and in respect of which no contribution was payable; (b) any other increase in such wage or salary which does not appear to the Director to be bona fide ; and (c) any accelerated increment; and (d) any remuneration for overtime, any form of bonus, any extra allowances, any remuneration in kind or commission which did not form part of the basic wage or salary, and which in any manner becomes part of the basic wage or salary during the period on which the pensionable income is to be assessed: Provided that, where a full-time employee opts to work with reduced hours, the provisions of paragraph ( d) shall not apply with respect to any extra allowance which in any manner becomes part of the basic wage or salary during the period in which the pensionable income is to be assessed, as long as: (i) the gross wage or salary, including the said extra allowances, of such employee does not, during the period during which the said employee is working on reduced hours, exceed the full basic w a g e o r s a l a r y o f t h e p o s t i n w h i c h s u c h employee is working; and (ii) the Director is inform ed by the employer that he intends implementing a scheme as contemplated in this proviso and the Director gives his written approval of the scheme before such scheme is taken up by one or more of the employees directly employed with the employer making the request: Provided further that, without prejudice to the provisions of the above proviso, where the Dir ector is satisfied that a perso n is in receipt of a pension which was calculated on the basis of a pensionable income which includes income as described in this article, the Director shall re-assess the pension payable to such person in such a manner to ensure that the provisions of this a rticle are duly applied with regard to future payments. 68 CAP. 318.] SOCIAL SECURITY Annual reassessment of pensions. Amended by: XVI.1990.29; XIII. 1991.31; VIII.1992.22. Re-numbered by: XXIV . 1993.2. Amended by: XXIV .1993.9; XXV .1994.11; XXI.1996.23; XIX. 2006.13; XIII. 2015.85; VII.2018.39; XIII.2024.20.