Payment Formula and Leave. The payment of salary and accrued interest, benefits and the timing of the one (1) year leave of absence shall be as follows: i) Salaries paid to the Teacher shall be prorated according to the terms agreed upon subject to the regulations of the Minister of Revenue. ii) The calculation of interest under the terms of this Plan shall be done monthly (not in advance) at the non-chequing savings account rate in effect at the bank with which the Board deals, on the last Friday of each month or by any other method agreed upon by the Teacher and the Board. iii) The Teacher shall be responsible for arranging with the Board the payment of premiums for employee benefits. Any benefits tied to salary level shall be structured according to the actual salary paid. iv) The leave of absence may be taken only in the last year of the Plan. v) A Teacher shall have the choice of receiving the final year's salary and accrued interest: (1) in a lump sum on the 15th day of the first month of the leave; or (2) in accordance with Article XIX.
Appears in 5 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
