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 shall be computed at the lesser of the rate equal to that paid by the Royal Bank of Canada Day-to-Day Savings Account at the time of contract signing or the average rate at which the Division borrowed funds during the twelve-month period preceding the contract signing date.