In calculating fortnightly pay why does the formula divide by 313 and multiply by 12?

The formula is contained in the current enterprise agreement and is the same as the now redundant Teachers and Schools Assistants awards.
The formula equates to 26.0833 fortnights per year (or 365.17 days per year). It is similar to the factor used in the modern Educational Services (Teachers) Award 2010. Over a 4 year cycle this formula allows for leap years.

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