ARCHIVED CD 2002-014: Information Notice to Employees
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Additional Interest on PSAC Pay Equity Payments
The purpose of this notice is to provide you with information concerning the daily interest that will be calculated and paid on the amount of the Public Service Alliance of Canada (PSAC) Pay Equity (PE) retroactive adjustments previously issued between April 7, 2000, and May 1, 2002. Following the PE Agreement between the Treasury Board Secretariat (TBS) and PSAC on October 29, 1999, and approved by the Canadian Human Rights Tribunal (CHRT) on November 16, 1999, for the retroactive adjustment for employees in the Clerical and Regulatory (C), Library Science (LS), Educational Support (EU), Data Processing (DA -CON), Secretarial, Stenographic and Typing (ST) and Hospital Services (HS) groups it has been determined that an additional amount of interest is owing for the period from the latest interest due date previously paid (April 1 or October 1) up to the day prior to the actual cheque date.
The additional interest will be calculated based on the number of calendar days for the period from the most recent interest due date (April 1 or October 1) previously paid to the day prior to the actual cheque date. The rate of the daily interest will be determined by dividing the appropriate annual interest rate by 365.
If the total daily interest amount owing is less than $1.00 a supplementary cheque will not be produced and the amount will be added to the next regular pay. If the total interest amount paid in one taxation year is less than $1.00, a Statement of Investment Income (T5) or an Investment Income (Relevé3) will not be produced but the amount paid must be reported as income when you file your income tax return.
Any request for further information regarding the foregoing should be addressed to your compensation advisor.
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