Banking of Overtime November 15, 2001 Sample Clauses

Banking of Overtime November 15, 2001. Employees may, at their discretion, receive full payment of overtime hours worked or elect to bank the equivalent paid overtime hours in lieu of payment in accordance with the following conditions: Time off in lieu of overtime hours will be accumulated at the applicable rate. Example: Eight (8) hours worked at time and one half = four (4) hours banked and eight (8) hours paid or 12 hours paid. Eight (8) hours worked at double time = eight (8) hours banked and eight (8) hours paid or 16 hours paid. Employees can bank forty (40) hours from January 1st to December 1st of each year. An additional forty (40) hours maximum may be banked after the original forty (40). The additional forty (40) hours applies to Sundays only. (Amended February 7, 2020) Time off must be taken in terms of increments of eight (8) hours. Employees will cash in any accumulated lieu days if such time is not taken by December 1st of that year and the Company will pay out the unused lieu days on the next following regular pay. However, with notice prior to December 1st, banked time may be used between December 1st and January 1st and the monies will be paid in the following pay period. All requests to bank overtime hours must be made at the time overtime is offered and on the appropriate form supplied by the Company. A signed copy (company and employee) will be given to the employee. When employees request their lieu days off, they shall do so with seven (7) calendar days notice on the appropriate form supplied by the Company and the Company will endeavour to accommodate employee’s needs in this respect. The Company will supply a reasonable explanation if employees are not granted the dates requested. In such cases the Company will provide alternative dates to the employee for their satisfaction. The Company shall reply in writing, within three (3) working days of the request. Bank time request will be on a first received first granted basis. In the event that two (2) or more employees’ request to use banked time on the same day, seniority will prevail. The employee must own the bank time prior to making the request for bank time. When payment for banked time is made to an employee, the amount per hour for such time shall be calculated upon the basis of the date on which the banked time was earned. When banking overtime a person needs to work eight (8) hours consecutively in order to bank time. (Amended February 7, 2020)