Clause 22

The principal Act is amended by inserting, immediately after the Second Schedule, the following Schedule:“THIRD SCHEDULESection 24(3)(c)Fare Adjustment FormulaMaximum Fare Adjustment for any year (X) = Price Index for year (X) – 0.3% where Price Index = 0.5 CPI + 0.5 WICPIis the change in Consumer Price Index between year (X-1) and year (X-2); andWIis the change in Average Monthly Earnings (Overall Average by Industry) between year (X-1) and year (X-2), adjusted to account for any change in the employer’s Central Provident Fund contribution rate as specified in the Central Provident Fund Act (Cap. 36).”.