The Division shall pay to 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, Employment Insurance and Income Tax due with respect to that pay. The interest is to be calculated from the dates on which the monies would have been due, to the date of the actual payment.
The interest shall be computed at the premium savings account rate of the Division's banker, which is in effect on the date of the signing of the collective agreement.
NOTE: For the purposes of the 2014-2018 agreement only, the interest on retroactivity is waived.