The Division shall pay the members of the Association interest on the gross amount of any retroactive pay which may be paid to such members less the amount of any statutory deduction for Canada Pension, Employment Insurance and Income Tax due with respect to that pay. The interest is to be calculated on a monthly basis from the date on which the retroactive salary would have been due until the date of actual payment.
The interest rate used is the Bank of Canada's average prime lending rate for the twelve-month (12) period preceding the interest calculation date.