WPI formula
4 WPI formula
For the purposes of the formula under clause 2, the variable "WPI" is to be determined in accordance with the following formula—
where—
E is the wage price index number for the reference period ending on the last day of the calendar year falling within—
in the case of the 2021/2022 financial year, the 2020/2021 financial year;
in the case of each of the 2022/2023, 2023/2024 and 2024/2025 financial years, the financial year preceding the relevant financial year in respect of which the amount is being determined in accordance with the formula under clause 2;
F is the wage price index number for the reference period ending on the last day of the calendar year falling within—
in the case of the 2021/2022 financial year, the 2019/2020 financial year;
in the case of the 2022/2023 financial year, the 2020/2021 financial year;
in the case of each of the 2023/2024 and 2024/2025 financial years, the financial year 2 years earlier than the financial year in respect of which the amount is being determined in accordance with the formula under clause 2.
This Act’s bill:Explanatory memorandumSecond reading speech
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