a) Interest on retroactive pay should be paid to members of the Association calculated from the date the salary was payable. The interest shall be computed on the net pay of the member (that is, the gross pay after deducting personal Income Tax, Employment Insurance, and Canada Pension Plan deductions) and shall be computed at the Division’s credit interest rate on the date of signing of the Collective Agreement.
b) Interest on back pay will be calculated on the total retroactive pay cost and averaged based on a full time equivalents employee count. Teachers working part time would have the average amount pro-rated.