An individual in total unemployment and otherwise eligible for benefits whose average weekly wage in his base period exceeds sixty-six dollars shall be paid for each week of unemployment an amount equal to fifty per cent of his average weekly wage in the base period, rounded to the next lower full dollar amount, but not more than fifty-seven and one-half per cent of the average weekly wage of all employees covered by this chapter. On or before the first day of October of each year, the total wages reported on contribution reports for the twelve months ending March the thirty-first of such year shall be divided by the average monthly number of insured employees (determined by dividing the total insured employees reported on contribution reports for the twelve months ending March the thirty-first by twelve). The average annual wage thus obtained shall be divided by fifty-two and the average weekly wage thus determined, rounded to the nearest cent. Fifty-seven and one-half per cent of this amount, rounded to the next lower full dollar amount shown shall establish the maximum weekly benefit rate paid any individual whose benefit year commences on or after the first Sunday of October of each year and prior to the first Sunday of October the following year.
Mass. Gen. Laws ch. 151A, § 29