Common use of Banked Vacation Clause in Contracts

Banked Vacation. Annual vacation entitlement must normally be scheduled and taken throughout the calendar year. If the entitlement is not fully used in the calendar year, the balance may be paid out at the end of the year or may be deferred for up to one year. Employees shall have the following choices regarding payout of already banked vacation: either full payout, or partial payout with retention of the residual banked vacation or no payout with retention of all banked vacation.

Banked Vacation. Annual vacation entitlement must normally be scheduled and taken throughout the calendar year, unless otherwise approved by management. If the entitlement is not fully used in the calendar year, the balance may will be paid out at the end of the year or may be deferred for up to one yearwith the approval of management. Employees shall have the following choices regarding payout of already banked vacation: either full payout, or partial payout with retention of the residual banked vacation or no payout with retention of all banked vacation.