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Pre-retirement allowance.
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28.—(1) The Principal Act is hereby amended by—
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(a) the insertion in subsection (1) of section 134 (which relates to description of assistance) of the following additional paragraph:
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“(k) pre-retirement allowance.”,
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(b) the insertion in Part III after Chapter 2 of the following Chapter:
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“Chapter 2A
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PRE-RETIREMENT ALLOWANCE
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Entitlement to pre-retirement allowance.
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156A.—Subject to this Chapter, an allowance (in this Chapter referred to as ‘pre-retirement allowance’) shall, subject to regulations, be payable in respect of any period of retirement to a person—
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(a) who has attained the age specified by regulations but has not attained pensionable age,
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(b) who has been in receipt of unemployment benefit or unemployment assistance for not less than 390 days for any continuous period of unemployment in the immediately preceding period as construed in accordance with section 135 (2),
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(c) who satisfies the conditions as to means prescribed for the purposes of this Chapter, and
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(d) who would otherwise be entitled to unemployment assistance at the scheduled rate determined in accordance with section 140 (1)(a) or at such other rates as may be prescribed.
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Rate of pre-retirement allowance.
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156B.—Subject to regulations under section 156C the weekly rate of pre-retirement allowance shall be at the rate that would apply if the person was entitled to unemployment assistance under Chapter 2 of Part III.
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Regulations.
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156C.—(1) The Minister may, subject to the sanction of the Minister for Finance, make regulations for the purpose of giving effect to this Chapter.
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(2) Regulations under this section may, in particular and without prejudice to the generality of subsection (1)—
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(a) specify the age for the purposes of section 156A (a),
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(b) prescribe the conditions as to means to be satisfied for the purposes of section 156A (c),
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(c) specify the periods which shall be regarded as periods of retirement for the purposes of this Chapter, and
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(d) apply (with or without modification), or make provisions corresponding (with or without modification) to, any provisions of, or regulations under, this Act.
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(3) The Minister may, subject to the sanction of the Minister for Finance, by regulations vary the weekly rate of pre-retirement allowance under section 156B but any such variation shall not reduce the weekly rates applicable immediately before the commencement of such regulations.”.
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(2) This section shall come into operation on such day as the Minister may appoint by order.
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