The Division shall pay interest on the gross amount of any retroactive pay increase to all employees covered by this agreement at the average Royal Bank of Canada prime rate minus one-half percent, calculated and commencing from the first day of the fall term 2014 to the date of the retroactive payment.
For the purposes of the 2014-2018 collective agreement only, the interest on retroactivity will be paid in a lump sum to the Association at $25 per full time teacher based on 170 FTE or $4250.