(1) An initial determination may for good cause be reconsidered. A party entitled to notice of an initial determination may apply for a reconsideration not later than ten days after the determination was mailed to his last known address. Notice of the redetermination must be promptly given in the manner prescribed in this article with respect to notice of an initial determination.
(2) An initial determination shall be reconsidered whenever the Commission finds that an error in computation, or an error of a similar character, has occurred in connection therewith or that wages of the claimant pertinent to the determination, but not considered in connection therewith, have been newly discovered, but no such redetermination shall be made after one year from the date of the original determination. The reconsidered determination shall supersede the original determination. Notice of any such redetermination shall be promptly given, in the manner prescribed in this article with respect to notice of an original determination. Subject to the same limitations and for the same reasons, the Commission may reconsider a determination in any case in which the final decision has been rendered by an appeal tribunal, the Commission or a court and, after notice to and the expiration of the period for appeal by the persons entitled to notice of the final decision, may apply to the body or court which rendered the final decision to issue a revised decision. In the event that an appeal involving an original determination is pending as of the date a redetermination thereof is issued, such appeal, unless withdrawn, shall be treated as an appeal from such redetermination.