M2010 – Interest Rate
What is the interest rate?
The legal interest is 5%. Feedback begins December 31, 2010 until such time as the adjustment is paid. The Pay Equity Act provides that if the employer does not pay the adjustments on the due date, interest of 5% is applicable. The tool calculates the amount of interest applicable on the adjustment amount owed for each pay period. This is a simple interest calculation, at an annual rate of 5%. The amount of interest is rounded to the second decimal place.