Section 53. On the first day of grand juror service, the court shall hold a private hearing with each impanelled grand juror. The purpose of this hearing shall be to determine a daily compensation rate for each grand juror, not exceeding fifty dollars per day of service, to be paid by the commonwealth to the juror for the fourth and subsequent days of grand juror service. In this hearing the court shall consider the information contained in the grand juror financial questionnaire and other relevant information. For each day of service, a grand juror shall be entitled to receive, cumulatively from his employer and the commonwealth, an amount equal to the greater of the following two rates: fifty dollars per day or an amount not in excess of the regular daily wages plus daily travel expenses in excess of those ordinarily incurred by the juror; provided, however, that the contribution by the commonwealth to this amount shall not exceed fifty dollars per day.