An individual's weekly benefit amount is computed as follows:
For each fiscal year, one twenty-sixth of the wages paid for insured work in the individual's quarter of highest earnings in the individual's base period, but not to exceed an amount equal to fifty percent of the average weekly wage in covered employment in South Dakota for the calendar year preceding that fiscal year. An amount so computed that is not a multiple of one dollar is lowered to the next lower multiple of one dollar.
The average weekly wage in covered employment in South Dakota is computed by dividing the sum of the total wages in covered employment, as reported to the department for the preceding calendar year, by the average number of workers in covered employment, and dividing the result thus obtained by fifty-two.