The following section is hereby substituted for section 29 of the Principal Act:

"29.

(1) Subject to this Part, the Minister shall make from the Redundancy Fund to an employer who pays a lump sum a payment (in this Part referred to as a rebate) of such sum as is equivalent in amount to -

(a) where the lump sum does not exceed twenty times the relevant normal weekly remuneration calculated in accordance with Schedule 3-55 per cent. of the lump sum,

(b) where the lump sum exceeds twenty times the relevant normal weekly remuneration as so calculated-the aggregate of the following -

(i) 55 per cent. of the product obtained by multiplying by twenty the relevant normal weekly remuneration,

(ii) the amount by which the lump sum exceeds the said product.

(2) An employer who gives to the Minister a copy of a notice under section 17 on a date which is three weeks or more before the date of dismissal shall be entitled to the rebate referred to in subsection (1) increased, for each week's notice in excess of the period required by section 17 -

(a) in the case of a lump sum falling within subsection (1)(a), by 2? per cent. of the lump sum; provided that a rebate shall not in any case exceed such sum as is equivalent in amount to 70 per cent. of the said lump sum; and