Common use of INTEREST ON RETRO PAY Clause in Contracts

INTEREST ON RETRO PAY. ‌ 1. The School Division shall pay to Teachers interest on any retroactive payment owed to the Teachers. The interest shall be calculated from the date on which the monies would have been due to the actual date of payment. The interest shall be calculated on the gross amount of any retroactive pay due, less the amount of any statutory deductions including Canada Pension, Employment Insurance, and Income Tax, and less other payroll/benefit deductions with respect to that pay. 2. Interest shall be computed at the average interest of the School Division's savings account at its financial institution during the twelve (12) month period preceding the calculation date or at seven percent (7%), whichever is the lesser rate.

INTEREST ON RETRO PAY. ‌ 1. The School Division shall pay to Teachers interest on any retroactive payment owed to the Teachers. The interest shall be calculated from the date on which the monies would have been due to the actual date of payment. The interest shall be calculated on the gross amount of any retroactive pay due, less the amount of any statutory deductions including Canada Pension, Employment Insurance, and Income Tax, and less other payroll/benefit deductions with respect to that pay. 2. Interest shall be computed at the average interest of the School Division's savings account at its financial institution during the twelve (12) month period preceding the calculation date or at seven percent (7%), whichever is the lesser rate.