INTEREST ON RETROACTIVE PAY Clause Samples
The 'Interest on Retroactive Pay' clause stipulates that when an employee receives back pay for a period in the past—such as after a wage adjustment or settlement—they are also entitled to interest on the delayed payment. Typically, this clause outlines the applicable interest rate and the method for calculating the interest owed, ensuring that employees are compensated not just for the principal amount but also for the time value of money lost due to the delay. Its core function is to make employees whole by addressing the financial disadvantage caused by late payments, thereby incentivizing timely wage adjustments and settlements.
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 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 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 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 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 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 the members of the Association interest on the gross amount of any retroactive pay due to that member as it would have been payable (gross amount at the end of each pay period). The interest shall be calculated on the 26th of each month at the Bank of Canada rate. The interest shall begin to accrue after the first pay period of the contract year. It shall be compounded monthly until the date of the signing of the contract for that year. For the purpose of this agreement only, interest on retroactive pay is to be calculated as per the provision of Article 31 and paid to the Association in one lump sum. Dated at Stonewall, Manitoba, this 12th day of December 2011. Signed and agreed on behalf of the Interlake School Division. Chairperson Secretary-Treasurer Signed and agreed on behalf of the Interlake Teachers' Association of the Manitoba Teachers' Society. President Collective Bargaining Chairperson
INTEREST ON RETROACTIVE PAY. The Division will pay interest on retroactive salary increases payable to persons covered by the Collective Agreement. 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 shall be calculated from August 28th to the date of the actual payment of the retroactive pay, and will be calculated as monies become due. Interest shall be computed at the rate in effect at the Toronto-Dominion Bank for a "Money Builder Account" as at the date of signing the agreement.
INTEREST ON RETROACTIVE PAY. Waive interest on a one time basis for $6000 to be directed towards GVTA student scholarships, which will be applied to effectively offset GVTA dues. Acting Principal Pay: Increase to 30% of Principal’s per diem allowance, or $20 minimum half- day.
INTEREST ON RETROACTIVE PAY a) The Division shall pay the members of the Association interest on the gross amount of any retroactive pay that may be paid to such members iess the amount of any statutory deduction for C.P.P., U.I.C., and income tax due with respect to that pay.
b) The interest shall be calculated from the date that the monies would have been due. The interest paid shall be calculated and paid at the average regular savings account rate at the Division's financial institution.