18 (1) The amount of a Year’s Maximum Pensionable Earnings is
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(b) subject to subsection (2), for 1988, an amount calculated by multiplying the Year’s Maximum Pensionable Earnings for 1987 by the ratio that
(i) the average for the twelve month period ending on June 30, 1987 of the Wage Measure for each month in that period
(ii) the average for the twelve month period ending on June 30, 1986 of the Wage Measure for each month in that period; and
(c) subject to subsection (2), for 1989 and each subsequent year, an amount calculated by multiplying the Year’s Maximum Pensionable Earnings for the preceding year, calculated without reference to subsections (2) and (3), by the ratio that
(i) the average for the twelve month period ending on June 30 of the preceding year of the Wage Measure for each month in that period
(ii) the average for the twelve month period ending on June 30 of the year immediately preceding the preceding year of the Wage Measure for each month in that period.
(3) Where the amount calculated in accordance with paragraph (1)(b) or (c) in respect of any year is less than the Year’s Maximum Pensionable Earnings for the preceding year, it shall be increased to the amount of the Year’s Maximum Pensionable Earnings for the preceding year.
(5) The Wage Measure for a month is the average weekly wages and salaries of
