The Division shall pay the members of the Association interest on the gross amount of any retroactive pay due to that member as it would have been payable (gross amount at the end of each pay period). The interest shall be calculated on the 26th of each month at the Bank of Canada rate. The interest shall begin to accrue after the first pay period of the contract year. It shall be compounded monthly until the date of the signing of the contract for that year.
For the purpose of this agreement only, interest on retroactive pay is to be calculated as per the provision of Article 31 and paid to the Association in one lump sum.
The Interest on retroactive pay has been waived for the 2018-2022 collective agreement.
Dated at Stonewall, Manitoba, this 10th day of May 2021.
Signed and agreed on behalf of the Interlake School Division.
______________________ ___________________
Chairperson Secretary-Treasurer
Signed and agreed on behalf of the Interlake Teachers' Association of the Manitoba Teachers' Society.
______________________ ______________________
President Collective Bargaining Chairperson