(a) For all pay computation purposes compensation established by or pursuant to law shall be regarded as payment for employment during 52 basic administrative workweeks of 40 hours. Whenever, for any purpose, it is necessary to convert a basic monthly or annual rate of pay of any official or employee of the Government of the Virgin Islands or any instrumentality thereof to a basic biweekly, weekly, daily, or hourly rate, the following rules shall govern—
(1) A monthly rate shall be multiplied by twelve to derive an annual rate;
(2) An annual rate shall be divided by 52 or 26 as the case may be, to derive a weekly or biweekly rate;
(3) A daily rate shall be derived by multiplying an hourly rate by the number of daily hours or service required.
(b) All rates shall be computed to the nearest cent, counting one-half cent and over as a whole cent.