Common use of Banked Vacation Clause in Contracts

Banked Vacation. Effective January 1, 1993, upon eligibility for 25 working days (five weeks) of annual vacation, employees may defer and accumulate any vacation entitlement beyond 15 days per year. A maximum of 30 weeks' vacation may be banked. Banked vacation may be taken at a later date, subject to the supervisor's approval, or may be taken as a cash payment upon retirement. 34.11.1 Employees who reach the 30 week maximum will be required to take their full vacation each year, and the Company will be required to grant such vacation each year, with such vacation being scheduled according to the provisions of Article 34.0. Alternatively, and at the request of the employee, vacation in excess of the 30 weeks may be paid out at the end of each year. 34.11.2 Employees who have, as of December 31, 2010, more than 30 weeks vacation in their bank will be permitted to retain the excess but will not be permitted to accrue any additional banked vacation until such time as their bank drops below the 30 week maximum.

Banked Vacation. Effective January 1, 1993, upon eligibility for 25 working days (five weeks) of annual vacation, employees may defer and accumulate any vacation entitlement beyond 15 days per year. A maximum of 30 weeks' ’ vacation may be banked. Banked vacation may be taken at a later date, subject to the supervisor's approval, or may be taken as a cash payment upon retirement. 34.11.1 Employees who reach the 30 30-week maximum will be required to take their full vacation each year, and the Company will be required to grant such vacation each year, with such vacation being scheduled according to the provisions of Article 34.0. Alternatively, and at the request of the employee, vacation in excess of the 30 weeks may be paid out at the end of each year. 34.11.2 Employees who have, as of December 31, 2010, more than 30 weeks weeks’ vacation in their bank will be permitted to retain the excess but will not be permitted to accrue any additional banked vacation until such time as their bank drops below the 30 30-week maximum.