Banked Time Program Sample Clauses
Banked Time Program. The Authority and the Union agree to the banked time program subject to the following conditions: An employee may accumulate and take equivalent time off in lieu of payment for overtime hours, work on a day off, or on a holiday and shall record the equivalent hours on his or her time sheet. Such time shall be known as banked time.
i) This banked time may be accumulated to a maximum of one hundred and twenty (120) hours between July 1st and June 30th each year. Banked time can be scheduled to be taken at a time mutually agreed to by the employee and his or her supervisor.
ii) The rate of accumulation shall be determined by the rate of pay provided in the pertinent section of the Agreement. For example, a forty (40) hour per week employee working on a day off shall receive a credit of 8 x 1.5 = 12 hours of straight time pay, and accordingly 12 hours shall be accumulated as banked time.
iii) All banked time accumulated up to and including the last pay period in May shall be liquidated in cash and paid out by July 3rd, except as follows:
(a) accumulated banked time may be taken as time off up to the last pay period in August if such time off is scheduled and approved before the time sheet due date for the last pay period in May;
(b) accumulated banked time included in a time sheet submitted after the time sheet due date for the last pay period in May will be carried forward to the next accrual period.
iv) If employment is terminated for any reason, accrued banked time shall be liquidated in cash.
Banked Time Program. 1. Employees covered by this agreement who wish to participate in this program will be required to enroll in the banked time program by completing an enrolment form and forwarding to the Payroll Department in Concord.
2. Once enrolled employees will be able to elect to deposit and withdraw overtime hours from their bank at any time.
3. Banked overtime will be deposited as equivalent regular time hours (ie: 1 hr of overtime is banked as 1.5 regular hours, 1 hr of double time is banked as 2 regular hours).
4. Employees will be allowed to bank up to 80 hours per vacation year, however no more than 80 hours may be in an employee’s bank at any time.
5. Deposits to banked time will be indicated utilizing the proper code (see below) on the employee’s timecard and withdrawals will be requested through the local branch payroll administrator. Blank or 0 Regular time 1 Overtime 2 Double time B Banked Overtime C Banked Double time
6. Withdrawals will be paid on the employee’s next regularly scheduled paycheque.
7. The current dollar value of the overtime bank will be printed on each regular paycheque stub.
8. Employees will be permitted to take a maximum of forty (40) hours of scheduled banked time off in any vacation year, subject to the following:
i. All vacation time must be taken or scheduled before banked time can be used, except in those instances where banked time is being used to supplement occasional losses in basic pay due to medical appointments, sick days, etc
ii. Banked time used to supplement occasional losses in basic pay will not be included as part of the maximum of forty (40) hours per vacation year.
9. Banked time is not to be considered as a guarantee of equivalent time off work. The ability to grant banked time off is subject to local management discretion taking into account the needs of the business.
10. Banked time may not be carried over from one vacation year to the next. All banked time will automatically be paid to employees on the first paycheque in July of each year.
Banked Time Program. The Authority and the Union agree to the banked time program subject to the following conditions: An employee may accumulate and take equivalent time off in lieu of payment for overtime hours, work on a day off, or on a holiday and shall record the equivalent hours on his or her time sheet. Such time shall be known as banked time. This banked time may be accumulated to a maximum of one hundred and twenty (120) hours between July 1st and June 30th each year. Banked time can be scheduled to be taken at a time mutually agreed to by the employee and his or her supervisor. The rate of accumulation shall be determined by the rate of pay provided in the pertinent section of the Agreement. For example, a forty (40) hour per week employee working on a day off shall receive a credit of x = hours of straight time pay, and accordingly hours shall be accumulated as banked time. All banked time accumulated up to and including the last pay period in May shall be liquidated in cash and paid out by July except as follows:
Banked Time Program. An employee may accumulate and take equivalent time off in lieu of payment for overtime hours, work on a day off, or on a holiday and shall record the equivalent hours on his or her time sheet. Such time shall be known as banked time.
(a) This banked time may be accumulated to a maximum of forty (40) hours at any one time. Banked time can be scheduled to be taken at a time mutually agreed to by the employee and their supervisor.
(b) The rate of accumulation shall be determined by the rate of pay provided in the pertinent section of the Agreement. For example, a forty hour per week employee working on a day off shall receive a credit of 8 x 1.5 = 12 hours of straight time pay, and accordingly 12 hours shall be accumulated as banked time.
Banked Time Program. Employees may participate in the banked time program as follows:
(i) An employee may accumulate and take equivalent time off in lieu of payment for overtime hours, work on a day off, or work on a holiday and shall record the equivalent hours on their time sheet/time entry.
(ii) This banked time may be accumulated January 1 – December 31. Banked time can be scheduled to be taken at a time mutually agreed to by the employee and their supervisor.
(iii) The rate of accumulation shall be determined by the rate of pay provided in the pertinent section of the Agreement. For 46 CJOH-TV
(iv) An employee may request that some or all of their banked time be paid out at any time.
(v) If employment is terminated for any reason, accrued banked time shall be liquidated in cash.