The Mountain View School Division shall pay to the teachers, interest on the net retroactive pay which may be paid to such members and that interest shall be paid for the period from the first day of the fall term to the date on which payment is made. The net increase is the gross retroactive pay less deductions for Canada Pension, Unemployment Insurance and Income Tax. The interest shall be calculated at the lesser of 10% per annum or a rate equal to that paid by the bonus savings account rate at the Division’s financial institution on the day of signing this agreement.
NOTE: For the purposes of the 2014-18 agreement only, the Division will pay a lump sum of two-thousand dollars ($2,000) to the Association.