The Institute 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 paid at the average rate at which the Institute borrows funds or could have borrowed funds if none were borrowed, during the twelve month period immediately preceding the date of ratification.
Interest for 2014/15 will be calculated on the average teachers’ salary and will form the basis of payment for all instructors.