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, Unemployment Insurance and Income Tax due with respect to that pay. The interest to be calculated from the dates which the monies would have been due on a monthly basis, to the date of the actual payment. This calculation is to be done on an average retro pay for a teacher.
The interest shall be computed at the at the rate equal to that paid by the Chartered Bank in Winnipeg on a Bonus Savings Accounts or Premium Savings Account.