The division will pay its teachers interest on the net amount of increases of any retroactive pay at the saving interest rate in the Canadian Imperial Bank of Commerce as of March 31st of the current year of the Agreement. "Net amount of increases" is defined as being the actual net increases in pay that the teacher would have received on their monthly pay cheques if the settlement for the year would have been reached on March 31st of the negotiated year.
NOTE: For the purpose of this agreement only, interest on retroactive pay is to be calculated as per the provision of Article 3.09 and paid to the Association in one lump sum.