Waived for this collective agreement, July 01, 2018 to June 30, 2022
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 is to be calculated from the dates which the monies would have been due, on a monthly basis, to the date of actual payment.
The interest shall be computed at the lesser of 8.25% per annum or the average rate at which the Division borrows funds during the twelve (12) month period preceding the calculation date.
If the Division has not borrowed funds during the preceding twelve (12) month period, then interest shall be calculated at the rate paid by TD Canada Trust in Swan River on its premium rate savings account.