The Division shall pay to members of the Association for the purposes of this agreement, the total interest accrued on retroactive pay would be paid on flat rate of $40.00 per FTE and disbursed equally based on full time equivalency.
The Division shall pay to members of the Association interest on the net amount of any retroactive pay which may be paid to such members, calculated from the date on which the monies would have been due to the date of actual payment. The interest shall be computed at the rate equal to a premium saving account as at January 31st of the year in which the collective agreement is signed.