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Interest Calculation and Payment--PSAC Pay Equity Agreement
COMPENSATION DIRECTIVE: 2000-031
Appendix A
November 3, 2000
SUBJECT: |
Interest Calculation and Payment--PSAC Pay Equity Agreement |
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1 |
PURPOSE |
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1.1 |
The purpose of this directive is to provide Compensation Advisors in client departments with information concerning the calculation and issuance of interest payments on adjustments due as a result of the Public Service Alliance of Canada (PSAC) Pay Equity Agreement.
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1.2 |
This directive should be read in conjunction
with Compensation Directive 2000-004 dated
February 1, 2000, entitled "Pay Equity Implementation--CR, ST, DA-CON, HS,
LS and EU Groups" and Compensation Directive 2000-15
dated May 19, 2000, entitled "Additional Information on the Implementation
of the Pay Equity Agreement".
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1.3 |
In this text, use of the masculine is generic and applies to both men and women.
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2 |
BACKGROUND |
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2.1 |
The Pay Equity Agreement as agreed to 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, included interest payments on the retroactive adjustment for the affected groups. This agreement affects the Clerical and Regulatory (CR), Library Science (LS), Educational Support (EU), Data Processing (DA-CON), Secretarial, Stenographic and Typing (ST) and Hospital Services (HS) groups.
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3 |
POLICY |
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3.1 |
Interest is to be calculated on the amount of Pay Equity Adjustments paid to eligible employees at the Canada Savings Bond rate determined on April 1 and October 1 of each year up to the production date of the supplementary payment.
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3.2 |
Interest is calculated as follows: |
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The Pay Equity adjustments for a fiscal year are divided evenly between the two six-month periods: from April 1 to September 30 and from October 1 to March 31. The interest payments for each six-month period are calculated at 90% of the cumulative Pay Equity adjustment amount owing at the beginning of the period. For clarity, the adjustment must be owed for six months before interest is calculated on the amount.
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The interest is calculated based on the amount owing in the previous semi-annual period multiplied by 90 % divided by 2 multiplied by the interest rate for each period divided by 2 up to the semi-annual period in which the supplementary cheque is dated. Refer to Appendix A, Example 2.
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Please note, as illustrated in the example, interest is not compounded.
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3.3 |
The interest rate for a specific year will apply for the ensuing fiscal year period. For example, the interest rate for 1987 will be in effect for fiscal year 1987-1988; that is, interest payments calculated on September 30, 1987 and March 31, 1988. The interest rate for 1985 will also be applied to the bookend period of March 8 to March 31, 1985.
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3.4 |
Interest is not considered as part of
salary, is not pensionable and is not subject to statutory
deductions at source including income tax for Canadian residents. However,
Canadian residents must report the amount of interest received as interest
income when they file their annual income tax return. The Canada Customs
and Revenue Agency (CCRA) has confirmed that interest moneys paid to confirmed
non-residents are to be taxed at source at the rate established for
their country of residence.
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3.5 |
Interest payments will automatically be charged against a special code vote as identified by TBS.
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3.6 |
The amount of interest paid will be included in the gross amount of payment reported on the Statement of Qualifying Retroactive Lump Sum Payment. The amount of interest paid will also be reflected in the yearly breakdown of the amounts for employees who reside in the province of Quebec.
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Although the interest on this form is broken down by year, only employees residing in Quebec will be affected.
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3.7 |
The interest amounts paid will be reported on a "T5--Statement of Investment Income" for all Canadian residents. In addition, Québec residents will receive a "Relevé 3--Investment Income". Non-residents will have the interest payments as well as the tax deducted from these payments reported on an "NR4--Statement of Amounts Paid or Credited to Non-Residents of Canada.
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3.8 |
If a former employee died prior to November 16,1999, the retroactive Pay Equity payments are not taxable or subject to Canada Pension Plan or Employment insurance.
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However, interest is taxable to the estate of the decedent and should be reported on a T5.
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3.9 |
The Canada Savings Bond rates to be used as the interest rate are as follows: |
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| 1985 |
11.250% |
| 1986 |
10.000% |
| 1987 |
7.750% |
| 1988 |
9.000% |
| 1989 |
10.500% |
| 1990 |
10.500% |
| 1991 |
10.750% |
| 1992 |
7.500% |
| 1993 |
6.000% |
| 1994 |
4.250% |
| 1995 |
7.500% |
| 1996 |
5.250% |
| 1997 |
5.250% |
| 1998 |
3.500% |
| 1999 |
4.000% |
| 2000 |
5.050% |
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4 |
PROCEDURES/INSTRUCTIONS |
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4.1 |
Interest is to be calculated and paid on the Pay Equity codes listed below: |
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| 267 |
Pay Equity Retroactive Adjustment
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| 269 |
Pay Equity Retroactive Adjustment--Non-superannuable
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| 271 |
Pay Equity Salary Adjustment
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| 272 |
Pay Equity Salary Adjustment--Non-superannuable
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| 273 |
Pay Equity Overtime Adjustment
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| 277 |
Pay Equity Basic Pay Adjustment
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| 278 |
Pay Equity Basic Pay Adjustment--Non-superannuable
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| 274 |
Pay Equity Separation Benefits--Eligible
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| 243 |
Pay Equity Separation Benefits--Non-eligible
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| 264 |
5% Lump Sum in Lieu
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| 308 |
Pay Equity Allowances--Adjustments--Superannuable
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| 309 |
Pay Equity Allowances--Adjustments--Non-superannuable
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| 310 |
Pay Equity Vacation Pay Adjustment
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4.2 |
The interest payment on the Pay Equity retroactivity will be paid using the entitlement code 246 - Pay Equity Interest. The initial payment of interest will be automated and will be produced on November 24, 2000. A second automated interest payment is tentatively scheduled for January 2001.
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A Pay Equity interest payment transaction will be generated for each interest due date being paid for each account. The system will generate a supplementary payment transaction and leave the pay period blank. The "Effective from" and "Effective to" dates imposed on the transaction will reflect the interest due dates, i.e. April 1 or October 1.
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Subsequent adjustments to be paid after the automated processes must be calculated and reported by the Compensation Advisors in the departments using the Entitlement Adjustment screen (EAJ) and entitlement code 246.
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4.3 |
TBS will provide an additional computer application that will contain the calculation formula and which can be used with the Lotus/Excel spreadsheets by Compensation Advisors in departments to verify the interest payments or for additional adjustments, if required.
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4.4 |
The amount of interest paid will be accumulated as "PE Interest" and will be reflected in element 746, of the Master Employee Record (MER), for the current year. The total amounts reflected in this element will be used in February 2001 to produce the T5, the Relevé 3 and the NR4.
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4.5 |
The following factors will be used in the calculation of the amount of interest to be paid as well as to determine the interest due date.
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4.5.1 |
Interest Due Date Calculation Period |
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The Regional Pay System (RPS) will determine the start and final interest due date period based on the payment date for each Pay Equity payment for adjustment amounts.
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For separation payment adjustments, the interest start date is calculated based on the "Effective to" date. The "Effective to" date will determine the fiscal year in which the separation payment amount will start to accumulate for the purpose of interest calculation.
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4.5.2 |
Amounts Used in the Calculation of Interest per Fiscal Year |
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Once each record start date has been determined, the RPS will sort the records by fiscal year for each account to arrive at the total amount to be used for the interest calculations for a due date. Interest will be calculated on the total adjustment amount owing including Pay Equity adjustments, recalculations and separation benefits.
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4.5.3 |
Interest Calculation |
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Interest is calculated as follows: |
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[( Current Gross x 90%) divided by 2] + Accumulated Gross x [interest rate divided by 2] = interest amount |
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Each factor in this formula is defined as follows: |
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Accumulated Gross |
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The accumulated gross is the total of the previous gross amounts that have been accumulated for interest purposes.
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Interest Rate |
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Interest rate is the percentage as per the Canada Savings Bond rate to be applied for a specific interest year against the total gross amount (current gross + accumulated gross) for that period.
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Interest Amount |
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Interest amount is the total interest to be paid on a specified due date. There will be cases where the current amount will equal $0.00, but the accumulated gross is still to be taken into consideration for the next interest due date calculation.
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Examples of various scenarios have been included
as Appendix A of this Compensation Directive.
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4.6 |
Reports |
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The Pay Equity Interest process will produce the following reports to be distributed to client departments and to TBS:
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- Interest Payment Transaction Report--A total Pay Equity gross adjustment amount report to identify the total amount used in the automated calculations by interest due date.
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- Interest Calculation Amount Report--A report identifying interest transactions generated for each account.
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4.7 |
Cancelled Cheques and Overpayments |
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To issue the interest payments, the RPS will retrieve the history of all transactions that have processed for an account using one of the Pay Equity adjustment codes. This will include supplementary cheques as well as overpayments and cancelled cheques. Therefore, it is imperative that Compensation Advisors return and cancel any Pay Equity payments where the amount is not owing to the employee or that they input the appropriate overpayment. This action is to be completed prior to the start of the interest calculation process. Cheques that are to be cancelled should be returned to Payroll Accounting Office no later than November 17, 2000. A broadcast message will be issued concerning this deadline.
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For accounts in SOS status, overpayments can be input immediately.
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For active accounts, overpayments that are to be collected from the Pay Equity interest payment should be input after the cut-off for pay period 25 and prior to the start of the interest process.
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If the overpayment was not input prior to the start of the interest process, the interest payment will be overpaid. The Compensation Advisors will then either return the cheque and reissue the cheque manually using the EAJ screen and entitlement code 246 or input an overpayment of interest using the Overpayment (OVD) screen and code 246 which will reduce the employee's next regular pay cheque.
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4.8 |
Interest Payments to Non-residents |
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CCRA has confirmed that interest payments made to non-residents are to be taxed at source. In order to consider a former employee as a non-resident for income tax purposes, the former employee should provide the Compensation Advisor with a confirmation letter from CCRA. Compensation Advisors should note that a foreign address is not an indication of non-residency status for income tax purposes.
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Compensation Advisors will be required to manually calculate the amount of tax to be withheld and to create a Supplementary Deduction transaction using the SDD screen and code 595 with the lump sum amount of tax. This transaction must be created to process with the scheduled interest payment of November 24, 2000.
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The withholding rate is generally 25% of the gross interest paid. However, provisions of a tax convention, a tax agreement or a protocol between Canada and another country may provide a reduced rate. CCRA has indicated they will provide an up to date rate at the time interest payments are issued. This list will be provided to the Compensation Services Office. Compensation Advisors may call their Compensation Service Office to obtain the rate before performing the non-resident tax calculations.
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The Payroll Accounting Office should also receive written notification of non-resident status to ensure that a T5 is not automatically produced and to manually prepare an NR4.
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If the Compensation Advisor is not notified of the non-resident status prior to the payment being issued, the T5 will be produced. The former employee will be required to contact the International Tax Services Office.
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The International Tax Services Office is located at 2204 Walkley Road, Ottawa, Ontario K1A 1A8. The toll free telephone number for Canada and the United States is 1-800-267-3395 or (613) 952-2344. This is a collect number but CCRA will accept the charges. The facsimile number is (613) 941-6905.
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4.9 |
Statement of Qualifying Retroactive Lump Sum Payment |
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Public Works and Government Services (PWGSC) will automatically produce the approved form for the recalculation of the Federal or Quebec income tax for all employees and former employees who were in receipt of a Pay Equity adjustment payment regardless of the amount that will be issued in the taxation year 2000.
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4.10 |
Death Cases |
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Interest adjustments paid to former employees
whose SOS reason is "17"--Death in Service will not produce a message to
the Pay Office and will be issued automatically. |
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5 |
INQUIRIES |
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5.1 |
Any request for information regarding the foregoing should be addressed to your PWGSC Compensation Services Office. |
Original Signed by
R. Jolicoeur |
R. Jolicoeur
Director General
Compensation Sector
Government Operational Service
Reference: 9015-25
APPENDIX A
Example 1
An employee is a CR-04 and is eligible to Pay Equity adjustments for the period
from June 1, 1992 to July 28, 1998. A supplementary cheque is issued dated April
7, 2000, covering retroactive adjustments to July 28, 1998.
| RETROACTIVE PERIOD |
START DATE OF INTEREST CALCULATIONS |
| June 1 to September 30, 1992 |
April 1993 |
| October 1992 to March 1993 |
October 1993 |
| April 1993 to September 1993 |
April 1994 |
| October 1993 to March 1994 |
October 1994 |
| April 1994 to September 1994 |
April 1995 |
| October 1994 to March 1995 |
October 1995 |
| April 1995 to September 1995 |
April 1996 |
| October 1995 to March 1996 |
October 1996 |
| April 1996 to September 1996 |
April 1997 |
| October 1996 to March 1997 |
October 1997 |
| April 1997 to September 1997 |
April 1998 |
| October 1997 to March 1998 |
October 1998 |
| April 1998 to July 28, 1998 |
April 1999 |
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October 1999 |
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April 2000 |
The final date for interest calculation is April 2000.
Example 2
The following example is to be used in the calculation of interest for the bookend period of March 8, 1985, to March 31, 1985. The interest due date for adjustments paid for this period will be October 1, 1985, and will be calculated on the total gross amount. Interest for all subsequent retroactive periods will be calculated on one half of the total fiscal year amount added to the previous cumulative total and calculated on the interest due date. While the example stops in March 1988, in reality the calculation of interest would continue until April 2000.
| Retro.
Dates |
Gross
(incl. 5%) |
x 90% |
÷
2 |
Interest
Calculated on |
Interest
Due
Date
|
Interest
Rate ÷ 2 |
Interest
Amount |
08-03-1985
-
31-03-1985 |
130.73 |
117.66 |
--- |
117.66
117.66 |
01-04-1985
01-10-1985 |
0
11.25 ÷ 2 = 5.630% |
0
6.62 |
01-04-1985
-
31-03-1986 |
2,124.31 |
1,911.88 |
955.94
955.94 |
117.66
+ 955.94 = 1,073.60
1,073.60 + 955.94 = 2,029.54 |
01-04-1986
01-10-1986 |
11.25
÷ 2 =5.630%
10.00 ÷ 2 =5.00% |
60.44
101.47 |
01-04-1986
-
31-03-1987 |
2,587.34 |
2,328.61 |
1,164.30
1,164.30 |
2,029.54
+ 1,164.30 = 3,193.84
3,193.84 + 1,164.30 = 4,358.14 |
01-04-1987
01-10-1987 |
10.00
÷2 =5.00%
7.750 ÷ 2 =3.88% |
159.69
168.66 |
01-04-1987
-
31-03-1988 |
2,742.78 |
2,468.50 |
1,234.25
1,234.25 |
4,358.14
+ 1,234.25 = 5,592.39
5,592.39 + 1,234.25 = 6,826.64 |
01-04-1988
01-10-1988 |
7.750 ÷ 2 =3.88%
9.000 ÷ 2 =4.50% |
216.43
307.19 |
Example 3
The following is an example of an employee who was struck off strength on June 30, 1992 from an affected group. The employee was re-employed in one of the affected groups effective August 25, 1995. The initial Pay Equity adjustment for the period March 8, 1985 to March 31, 1989 was paid on September 15, 2000. The period from April 1,1989 to June 30, 1992, and from August 25, 1995 to July 28, 1989 was paid on April 7, 2000. The Pay Equity adjustment for the period from July 29, 1998 to date was paid on June 7, 2000. All adjustment amount owing must have accumulated for a period of 6 months prior to interest being calculated. Since any amount owing after September 30, 1999 was paid on June 7, 2000, interest will not be calculated for these amounts.
Retro.
Dates |
Gross
(incl. 5%) |
x 90% |
÷
2 |
Interest
Calculated on |
Interest
Due Date |
Interest
Rate ÷ 2 |
Interest
Amount |
08-03-1985-
31-03-1985 |
104.48 |
94.03 |
|
94.03
94.03 |
01-04-1985
01-10-1985 |
0
11.250 ÷ 2 = 5.630% |
0
5.29 |
01-04-1985-
31-03-1986 |
1,216.90 |
1,095.21 |
547.60
547.60 |
641.63
1189.23 |
01-04-1986
01-10-1986 |
11.250
÷ 2 = 5.630%
10.00 ÷ 2 = 5.000% |
36.12
59.46 |
01-04-1986-
31-03-1987 |
1,596.00 |
1,436.40 |
718.20
718.20 |
1907.43
2625.63 |
01-04-1987
01-10-1987 |
10.00
÷ 2 = 5.000%
7.750 ÷ 2 = 3.870% |
95.37
101.87 |
01-04-1987-
31-03-1988 |
1,778.70 |
1,600.83 |
800.42
800.42 |
3426.05
4226.47 |
01-04-1988
01-10-1988 |
7.750
÷ 2 = 3.870%
9.000 ÷ 2 = 4.500% |
132.93
190.19 |
01-04-1988-
31- 03-1989 |
2,080.05 |
1,872.04 |
936.02
936.02 |
5,162.49
6098.51 |
01-04-1989
01-10-1989 |
9.000
÷ 2 = 4.500%
10.500 ÷ 2 = 5.250% |
232.31
320.17 |
01-04-1989-
31-03-1990 |
2,131.50 |
1,918.35 |
959.18
959.18 |
7057.69
8016.87 |
01-04-1990
01-10-1990 |
10.500
÷ 2 = 5.250%
10.500 ÷ 2 = 5.250% |
370.53
420.88 |
01-04-1990-
31-03-1991 |
2,531.55 |
2,278.40 |
1,139.20
1,139.20 |
9,156.07
10295.27 |
01-04-1991
01-10-1991 |
10.500
÷ 2 = 5.250%
10.750 ÷ 2 = 5.375% |
480.69
553.37 |
01-04-1991-
31-03-1992 |
2,303.70 |
2,073.33 |
1,036.66
1,036.66 |
11,331.93
12368.59 |
01-04-1992
01-10-1992 |
10.750
÷ 2 = 5.375%
7.500 ÷ 2 = 3.750% |
609.09
463.82 |
01-04-1992-
31-03-1993 |
1,774.50 |
1,597.05 |
798.53
798.53 |
13,167.12
13,965.65 |
01-04-1993
01-10-1993 |
7.500
÷ 2 = 3.750%
6.000 ÷ 2 = 3.000% |
493.77
418.97 |
01-04-1993-
31-03-1994 |
|
|
|
13,965.65
13,965.65 |
01-04-1994
01-10-1994 |
6.000
÷ 2 = 3.000%
4.250 ÷ 2 = 2.125% |
418.97
296.77 |
01-04-1994-
31-03-1995 |
|
|
|
13,965.65
13,965.65 |
01-04-1995
01-10-1995 |
4.250
÷ 2 = 2.125%
7.500 ÷ 2 = 3.750% |
296.77
523.71 |
01-04-1995-
31-03-1996 |
1,650.00 |
1,485.00 |
742.50
742.50 |
14,708.15
15,450.65 |
01-04-1996
01-10-1996 |
7.500
÷ 2 = 3.750%
5.250 ÷ 2 = 2.625% |
551.56
405.58 |
01-04-1996-
31-03-1997 |
2,544.00 |
2,289.60 |
1,144.80
1,144.80 |
16,595.45
17,740.25 |
01-04-1997
01-10-1997 |
5.250
÷ 2 = 2.625%
5.250 ÷ 2 = 2.625% |
435.63
465.68 |
01-04-1997-
31-03-1998 |
2,036.00 |
1,832.40 |
916.20
916.20 |
18,656.45
19,572.65 |
01-04-1998
01-10-1998 |
5.250
÷ 2 = 2.625%
3.500 ÷ 2 = 1.750% |
489.73
342.52 |
01-04-1998-
31-03-1999 |
1,240.00 |
1,116.00 |
558.00
558.00 |
20,130.65
20,688.65 |
01-04-1999
01-10-1999 |
3.500
÷ 2 = 1.750%
4.000 ÷ 2 = 2.000% |
352.29
413.77 |
01-04-1999-
31-03-2000 |
1,400.00 |
1,260.00 |
630.00
630.00 |
21,318.65
21,948.65 |
01-04-2000
01-10-2000 |
4.000
÷ 2 = 2.000%
5.050 ÷ 2 = 2.525% |
426.37
NIL |
01-04-2000-
12-06-2000 |
350.00 |
315.00 |
157.50
|
22,106.14
|
01-04-2001
|
5.050
÷ 2 = 2.525%
|
NIL
|
Example 4:
In the following example, the employee was struck off strength effective December 1, 1996, and re-employed March 1, 1997. He received a severance pay adjustment for the period from August 1, 1982 to November 30, 1996, in the amount of $2,224.00. This cheque was dated June 15, 2000. The employee also received adjustments to overtime for the periods May 1, 1995 to September 30, 1995 in the amount of $550.00 and $400.00 for the period May 1, 1998 to September 30, 1998. This cheque was also dated June 13, 2000. Interest is calculated on adjustments owing as a result of recalculations. The "Effective to" date is used to determine the date on which the entitlement is due. This same date determines the fiscal year to which the payment applies and the date from which interest is calculated.
Retro.
Dates |
Gross
(-incl. 5%) |
x
90% |
÷
2 |
Interest
Calculatedon |
Interest
Due
Date |
Interest
Rate ÷ 2 |
Interest
Amount |
08-03-1985-
31-03-1985 |
104.48 |
94.03 |
|
94.03
94.03 |
01-04-1985
01-10-1985 |
0
11.250 ÷ 2 = 5.630% |
0
5.29 |
01-04-1985-
31-03-1986 |
1,216.90 |
1,095.21 |
547.60
547.60 |
641.63
1,189.23 |
01-04-1986
01-10-1986 |
11.250 ÷
2 = 5.630%
10.000 ÷ 2 = 5.000% |
36.12
59.46 |
01-04-1986-
31-03-1987 |
1,596.00 |
1,436.40 |
718.20
718.20 |
1,907.43
2,625.63 |
01-04-1987
01-10-1987 |
10.000 ÷
2 = 5.000%
7.750 ÷ 2 = 3.870% |
95.37
101.62 |
01-04-1987-
31-03-1988 |
1,778.70 |
1,600.83 |
800.42
800.42 |
3,426.05
4,226.47 |
01-04-1988
01-10-1988 |
7.750 ÷
2 = 3.870%
9.000 ÷ 2 = 4.500% |
132.93
190.19 |
01-04-1988-
31-03-1989 |
2,080.05 |
1,872.04 |
936.02
936.02 |
5,162.49
6,098.51 |
01-04-1989
01-10-1989 |
9.000 ÷
2 = 4.500%
10.500 ÷ 2 = 5.250% |
232.31
320.17 |
01-04-1989-
31-03-1990 |
2,131.50 |
1,918.35 |
959.18
959.18 |
7,057.69
8,016.87 |
01-04-1990
01-10-1990 |
10.500 ÷
2 = 5.250%
10.500 ÷ 2 = 5.250% |
370.53
420.89 |
01-04-1990-
31-03-1991 |
2531.55 |
2,278.40 |
1,139.20
1,139.20 |
9,156.07
10,295.27 |
01-04-1991
01-10-1991 |
10.500 ÷
2 = 5.250%
10.750 ÷ 2 = 5.375% |
480.69
553.37 |
01-04-1991-
31-03-1992 |
2,303.70 |
2,073.33 |
1,036.66
1,036.66 |
11,331.93
12,368.59 |
01-04-1992
01-10-1992 |
10.750 ÷
2 = 5.375%
7.500 ÷ 2 = 3.750% |
609.09
463.82 |
01-04-1992-
31-03-1993 |
1,774.50 |
1,597.05 |
798.53
798.53 |
13,167.12
13,965.65 |
01-04-1993
01-10-1993 |
7.500 ÷
2 = 3.750%
6.000 ÷ 2 = 3.000% |
493.77
418.97 |
01-04-1993-
31-03-1994 |
|
|
|
13,965.65
13,965.65 |
01-04-1994
01-10-1994 |
6.000 ÷
2 = 3.000%
4.250 ÷ 2 = 2.125% |
418.97
296.77 |
01-04-1994-
31-03-1995 |
|
|
|
13,965.65
13,965.65 |
01-04-1995
01-10-1995 |
4.250 ÷
2 = 2.125%
7.500 ÷ 2 = 3.750% |
296.77
523.71 |
01-04-1995-
31-03-1996 |
1,650.00 +
550.00 = 2,200.00 |
1,980.00 |
990.00
990.00
|
14,955.65
15,945.65 |
01-04-1996
01-10-1996 |
7.500 ÷
2 = 3.750%
5.250 ÷ 2 = 2.625% |
560.84
418.57
|
01-04-1996-
31-03-1997 |
2,544.00 +
2,224.00 = 4,768.00 |
4,291.20 |
2145.60
2145.60 |
18,091.25
20,236.85 |
01-04-1997
01-10-1997 |
5.250 ÷
2 = 2.625%
5.250 ÷ 2 = 2.625% |
474.90
531.22 |
01-04-1997-
31-03-1998 |
2,036.00 |
1,832.40 |
916.20
916.20 |
21,153.05
22,069.25 |
01-04-1998
01-10-1998 |
5.250 ÷
2 = 2.625%
3.500 ÷ 2 = 1.750% |
555.27
386.21 |
01-04-1998-
31-03-1999 |
1,240.00 +
400.00 = 1,640.00 |
1,476.00 |
738.00
738.00 |
22,807.25
23,545.25 |
01-04-1999
01-10-1999 |
3.500 ÷
2 = 1.750%
4.000 ÷ 2 = 2.000% |
399.13
470.91 |
01-04-1999-
31-03-2000 |
1,400.00 |
1,260.00 |
630.00
630.00 |
24,175.25
24,805.25 |
01-04-2000
01-10-2000 |
4.000 ÷
2 = 2.000%
5.050 ÷ 2 = 2.525% |
483.50
NIL |
01-04-2000-
12-06-2000 |
350.00 |
315.00 |
157.50
|
24,962.75
|
01-04-2001
|
5.050 ÷
2 = 2.525% |
NIL
|
|
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