Part 11Transitional provisions (Schedule 9 Part 9 of Act)

Part 11—Transitional provisions (Schedule 9 Part 9 of Act) 70—Prescribed clauses (clause 27) For the purposes of clause 27(2) of Schedule 9 of the Act, the following clauses of Schedule 9 Part 9 are prescribed: (a) clause 33(1); (b) clause 34(2) and (3); (c) clause 39; (d) clause 41(1) and (3)(b)(ii); (e) clause 45; (f) clause 59(5) to (7) (inclusive) and (9) to (11) (inclusive). 71—Prescribed rate (clause 39) (1) Subject to subregulation (2), for the purposes of clause 39(2)(b) of Schedule 9 of the Act, each weekly back payment will be increased by interest at the prime bank rate for the financial year in which the designated day occurred, compounded on a weekly basis for each complete week that the payment is owed. (2) If the amount the worker is entitled to be paid relates to more than 1 financial year, those amounts will be increased by interest at the relevant prime bank rate for each financial year, compounded on a weekly basis. 72—Prescribed rate (clause 59) (1) For the purposes of Schedule 9 clause 59(4) of the Act, the amount recoverable from the employer will be increased by interest on the amount at the prime bank rate for the financial year in which the employer receives notification of a payment under that clause, compounded on a monthly basis for each complete month that has elapsed between the date of the notification and the date of payment. (2) For the purposes of Schedule 9 clause 59(11) of the Act, if a compensating authority has recovered an amount to which the compensating authority is not entitled, the amount to be repaid to the Corporation will be increased by interest on the amount at the prime bank rate for the financial year in which the amount in respect of which interest is payable is paid to the Corporation, compounded on a monthly basis for each complete month that has elapsed between the date of the determination of the Corporation and the date of payment.