Interpretation Guidelines Manual British Columbia Employment Standards Act and Regulations

EMPLOYMENT STANDARDS REGULATION - PART 1 - INTERPRETATION

ESR Section 1 – Definitions – Prime Lending Rate


Contents:

Summary
Text of Legislation
Policy Interpretation
Related Information


Summary

This section contains definitions for terms used throughout the Employment Standards Regulation.


Text of Legislation

"prime lending rate" means the prime lending rate of the principal banker to the government;


Policy Interpretation

Under s.25 of this Regulation, interest on money owing by an employer is calculated based on the “prime lending rate”, in accordance with the above definition.


Related Information

Related sections of the Act or Regulation

ESA

ESR