Common use of Banked Time Clause in Contracts

Banked Time. An employee shall have the option of accumulating overtime, rather than being paid for such time. Should the employee wish to bank their time, the employee shall advise their Supervisor within twenty-four (24) hours of the working of such overtime. Overtime shall be accumulated at the appropriate rate as defined by the Collective Agreement, and may be taken as paid leave, at any time mutually agreeable to the Employer and employee. It is recognized that employees utilizing vacation will receive preference over employees utilizing banked time in the scheduling of time off. Banked time shall not exceed seventy (70) hours at any time. Banked time, including time accumulated under Article 18.5, which is not utilized or scheduled as of November 1st, to be utilized by December 31 of that year, shall be paid out, or the employee shall have the option of requesting the carryover of thirty-five (35) hours to the following calendar year.

Banked Time. An employee shall have the option of accumulating overtime, rather than being paid for such time. Should the employee wish to bank their time, the employee shall advise their Supervisor within twenty-four (24) hours of the working of such overtime. Overtime shall be accumulated at the appropriate rate as defined by the Collective Agreement, and may be taken as paid leave, at any time mutually agreeable to the Employer and employee. It is recognized that employees utilizing vacation will receive preference over employees utilizing banked time in the scheduling of time off. Banked time shall not exceed seventy (70) hours at any time. Banked time, including time accumulated under Article 18.5, which is not utilized or scheduled as of November 1st, to be utilized by December 31 of that year, shall be paid out, or the employee shall have the option of requesting the carryover of thirty-thirty- five (35) hours to the following calendar year.