Interpretation Guidelines Manual British Columbia Employment Standards Act and Regulations
EMPLOYMENT STANDARDS REGULATION - PART 1 - INTERPRETATION
ESR Section 1 – Definitions – Prime Lending Rate
This section contains definitions for terms used throughout the Employment Standards Regulation.
"prime lending rate" means the prime lending rate of the principal banker to the government;
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 sections of the Act or Regulation
- s.1, Definition, “wages”
- s.78, Settlement agreements
- s.79, Determinations and consequences
- s.88, Payment of interest
- s.99 If money is paid to the director