3(1)The maximum annual earnings shall be set by the Commission as of the first day of January of each year and shall be an amount equal to one and one-half times the New Brunswick Industrial Aggregate Earnings.

3(2)On and after July 1, 2024, the reference to “one and one-half times” in subsection (1) shall be read as a reference to “1.6 times”.

3(3)Despite subsection (1), the maximum annual earnings set by the Commission under subsection (1) on January 1, 2024, shall be recalculated by the Commission for the period from July 1, 2024, to December 31, 2024, inclusive, using an amount equal to 1.6 times the New Brunswick Industrial Aggregate Earnings.