The amount of a hardship payment for each day in respect of which such a payment is to be made is to be determined in accordance with the formula—

60 %     o f     ( A × 12 365 )

where A is equal to the amount of the reduction in the single claimant's or joint claimants' award calculated under regulation 107 (amount of reduction for each assessment period) for the assessment period preceding the assessment period in which an application is submitted under regulation 111(1)(c).