Common use of Payment Formula and Retention of Deferred Salary Clause in Contracts

Payment Formula and Retention of Deferred Salary. a) In each year or half year of the DSLP preceding the year or half year of leave, the appropriate proportion of salary and allowances will be retained by the Board and held in trust for the teacher to be paid out during the period of the leave. The reduced percentage of salary paid in the years preceding the leave is calculated as follows: [n/(n+1)] x 100% of the salary and applicable allowances normally earned. Interest earned on the deferred salary shall be paid to the teacher in accordance with Revenue Canada regulations and guidelines.

Payment Formula and Retention of Deferred Salary. (a) In each year or half year of the DSLP preceding the year or half year of leave, the appropriate proportion of salary and allowances will be retained by the Board and held in trust for the teacher to be paid out during the period of the leave. The reduced percentage of salary paid in the years preceding the leave is calculated as follows: [n/(n+1)] x 100% of the salary and applicable allowances normally earned. Interest earned on the deferred salary shall be paid to the teacher in accordance with Revenue Canada regulations and guidelines.