28-1
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 shall be calculated at the interest rate paid on premium savings account at a local credit union on January 1 of the year the contract comes into effect.
28-2
In the event the Division determines the interest on back pay (calculated based upon a Class 5 maximum salary) to be less than $10.00 per teacher, the Division will pay the total amount to the Lord Selkirk Teachers’ Association. Otherwise interest on back pay will be paid in accordance with paragraph 28-1.
28-3
The parties agree to waive interest on retroactive pay for this Collective Agreement.