The Minister may on the advice of the Board by regulations provide for—
(a) the fixing of the rates of contributions to be paid by insured persons and employers, including the rates of contributions to be paid by different categories of insured persons and employers as prescribed;
(b) exempting insured persons from liability to pay contributions for such periods as he or she considers necessary and in particular for periods—
(i) of incapacity for work, or
(ii) of full-time unpaid apprenticeship;
(c) crediting contributions to insured persons for periods for which such persons are exempted under paragraph (b) and for such other periods as he or she may consider necessary;
(d) fixing the maximum salary or wages on which deduction may be made in Schedule 3;
(e) fixing the prescribed conditions for any benefit under this Act or the regulations;