The Board shall pay interest on net retroactive pay to all employees covered by this Agreement at the lesser of 10% per annum or the average cost of borrowing to the Division for the 12 month period preceding the calculation date, and the interest shall be paid for the period from the expiry of the collective agreement until the until the monies become due and payable.
Reference - Appendix 6: Letter of Agreement: Interest On Back Pay
For this round of bargaining, the parties agree that Article 3:11 Interest on Back Pay will be calculated in the following manner:
Interest on back pay will be paid based on the average interest payable to a full time equivalent teacher. Teachers working part time will have the average interest payable amount pro-rated based on their part time equivalent.