Interest on Money Received by the Director - Regulation Part 6, Section 27
This section sets out the interest rates payable on money that has been received by the director.
27. (1) The interest payable on
(a) money received by the director under section 113 (2) of the Act, or
(b) money collected under a determination or an order of the tribunal is equal to the actual amount of interest earned on the money from the date the money is deposited in a saving institution to the date the money is forwarded to the person entitled to it.
(2) Interest under subsection (1) is payable from the date the money is deposited in a saving institution to the date the money is forwarded to the person entitled to it.
Where a determination has been appealed and a person makes a request, the Employment Standards Tribunal may suspend the determination, where it considers it appropriate to do so. If the tribunal suspends a determination in this regard, the person requesting the suspension must:
- deposit an amount equal to the amount of the determination; or
- deposit a smaller amount that the tribunal considers appropriate in the circumstances
Where money has been collected further to a determination or an order of the tribunal in accordance with Part 11 of the Act or where money has been paid in accordance with subsection (1)(a), interest will be calculated on the money from the date the money is deposited in a savings institution to the date it is forwarded to the person entitled to it, as follows:
- Where the determination is upheld, or varied by the Tribunal, the amount ordered owing to the employee(s).
- Where a determination is cancelled, the amount that has been collected will be returned to the employer
- Where a determination has been cancelled and money has been collected under s.89 Demand on third party, to the person named in the demand.
The amount paid by the director will be equal to the amount of the money deposited in a savings institution, plus interest calculated on the money from the date the money was deposited to the date it is forward to the person entitled to it.
Interest earned in the trust account is in accordance with the rate earned through Provincial Treasury.
Related sections of the Act or Regulation