(a) General rule.--The salary of the mayor shall be established by ordinance and shall not exceed the following:
(1) In a borough with a population of less than 5,000, a maximum of $2,500 per year.
(2) In a borough with a population of 5,000 or more but less than 10,000, a maximum of $5,000 per year.
(3) In a borough with a population of 10,000 or more but less than 15,000, a maximum of $7,500 per year.
(4) In a borough with a population in excess of 15,000, a maximum of $500 per year per 1,000 residents or fraction of 1,000, the population to be determined by the latest official census figures.
(a.1) Treatment of benefits.--Benefits provided to the mayor under section 1202(26) (relating to specific powers) shall not be considered pay, salary or compensation, but payment for all or a part of the premiums or charges for the benefits shall be in accordance with section 1202(26).
(b) Change in salary.--A change in salary, compensation or emoluments of the elected office shall become effective at the beginning of the next term of the mayor.