INTEREST ON RETROACTIVE PAY. 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 Beautiful Plains Credit Union, Neepawa, on the date of the signing of the Collective Agreement.
INTEREST ON RETROACTIVE PAY. The Division shall pay to teachers of the Association 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 deductions with respect to that pay. The interest shall be paid at the average rate at which the Division borrows funds or could have borrowed funds if none were borrowed, during the twelve-month period immediately preceding January 1st of the calendar year in which the agreement is renewed. The Division shall normally pay to the teachers of the Association back pay and interest on retroactive pay no later than eight weeks following the date of signing the agreement. For agreements signed in months other than June, payment will be made within a reasonable time frame.
INTEREST ON RETROACTIVE PAY. The parties to this agreement agree to waive the provisions of this article only for the purposes of renewal of the agreement during the period pf July 1, 2018 to June 30, 2022.
INTEREST ON RETROACTIVE PAY. The Division shall pay to members of the Association interest on the net amount of any retroactive pay which may be paid to such members, calculated from the date on which the monies would have been due to the date of actual payment. The interest shall be calculated at the Board’s average deposit interest rate over the last 12 months on the date the Agreement is signed.
INTEREST ON RETROACTIVE PAY. The Division shall pay to members of the Association for the purposes of this agreement; the total interest accrued on retroactive pay would be paid on flat rate of $40.00 per FTE and disbursed equally based on full time equivalency. The Division shall pay to members of the Association interest on the net amount of any retroactive pay which may be paid to such members, calculated from the date on which the monies would have been due to the date of actual payment. The interest shall be computed at the rate equal to a premium saving account as at January 31st of the year in which the collective agreement is signed.
INTEREST ON RETROACTIVE PAY. The Division shall pay to members of the Association interest on any retroactive pay which may be paid to such members, on condition that the interest shall be paid for the period of time between January 1st and the date on which any payment is subsequently paid and, in addition, will be paid only on such amounts as would have been outstanding from time to time until such time as payment is finally made. The interest shall be paid on the net pay due each teacher and not on the gross pay. Such interest shall be computed at the average rate at which the Division borrows funds during the 12 month period preceding the calculation date or 8.5%, whichever is lesser. NOTE: Interest on Retroactive Pay is waived for the 2018 to 2022 collective agreement.
INTEREST ON RETROACTIVE PAY. The Division shall pay to members of the Association interest on the net amount of any retroactive pay, which may be paid to such members, calculated to the date of actual payment. The interest shall be computed at the lesser of eight (8%) per annum or the average rate at which the Division borrows funds during the twelve (1 2) month period preceding the calculation date. If the Division has not borrowed funds during the preceding twelve (12) month period, then interest shall be paid at a rate equal to that paid by the Charted Bank in Xxxxxx, on Bonus or Premium Savings Accounts.
INTEREST ON RETROACTIVE PAY. (waived for collective agreement)
INTEREST ON RETROACTIVE PAY. 13.01 The Division will pay interest at its average cost of borrowing money for the period beginning of the contract year up to the date of payment of the amount of the retroactive pay increase awarded for that contract year.
13.02 Such interest will be paid on the gross amount of retroactive pay due, less the amount of Statutory deductions (Canada Pension Plan, Employment Insurance, Income Tax and Teachers' Retirement Allowance Fund).
INTEREST ON RETROACTIVE PAY. I Mountain View School shall pay to teachers, retroactive pay which paid to that interest shall paid period from day of the to date on is is gross pay deductions for Canada Insurancc and interest shall be calculated at or equal to that paid by of in Manitoba, true savings account. N I: the purposes the total interest on pay would be calculated on full equivalency. parties.
