Definition of a Contribution (or Credit)
Each weekly payment received on behalf of an Insured Person is referred to as
a Contribution. Each such weekly contribution is converted to Credits. Thus, an
Insured Person who worked for an entire month is entitled to 4 or 5 Credits
depending on the number of Mondays in that particular month. By extension, the
entitlement for an entire year is 52 or 53 Credits, depending on the number of
Mondays in the year.
In addition, an employee who is in receipt of any Short-term benefit is awarded a Credit for each complete week (Monday through Saturday) during which he is in receipt of that benefit.
The number of Credits an Insured Person has recorded against his number determines:
i. Whether or not he will qualify for benefit, and
ii. What percentage of his salary he will receive as his pension.
Please refer to the Pension Percentage Computation Chart for the percentage equivalency.