Common use of Banked Hours Clause in Contracts

Banked Hours. The following defines the conditions under which overtime hours may be banked in lieu of receiving overtime pay. Overtime hours may be banked and paid at the rate of one regular hour worked for one hour off. The first four (4) hours will count towards double time (8 Hours overtime worked can be 4 hours banked and 4 hours at 1.5 times. Next overtime hours are double time in the same week) i. Subject to the requirements of the Employment Standards Act, which require that overtime be paid after 44 hours per week, authorized overtime less than 44 hours per week may be banked one for one, upon the request of the employee and with the agreement of the Manager/Supervisor. ii. The minimum deposit to banked hours will be at ½ hour increments and ¼ increments thereafter. The maximum deposit to banked hours will be 8 hours in any one week for production/hourly and product service employees and 7.5 hours in any one week for Office/Salaried employees. iii. Production/Hourly and Product Service employees may bank hours up to a maximum 40 hours and Office/Salaried employees may bank hours up to a maximum of 37.5 hours. iv. Minimum withdrawal will be ¼ hour for any one transaction. Maximum withdrawal will be 40 hours for Production/Hourly and Product Service employees and 37.5 hours for Office/Salaried employees for any one transaction. v. Requests to use banked time must be made in advance and mutually agreed upon with the employee and the Manager/Supervisor. Note: business requirements and coverage take precedence when determining whether banked hours can be withdrawn. Permission will not be unreasonably withheld. 15 min 1 day notice 1 day 1 week notice 1 week 2 weeks notice 1 day 2 days notice 1 week 1 weeks notice