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, Employment 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, to the date of actual payment.
The interest shall be computed at a rate determined by the Special Savings rate in effect at the banking institution of the school division, on the date of the signing of the Collective Agreement.
For the 2020 – 2022 collective agreement the parties agree to waive this provision.