Common use of Banked Overtime Clause in Contracts

Banked Overtime. Employees may request to have overtime banked by the Company. Time off in lieu of payment to be taken at a time mutually agreed to by the Company and the employee. In the event that banked overtime is not used prior to December 31 of any year, payment will be made of the balance at the applicable rate of earnings in force at the time the overtime was worked.

Banked Overtime. Employees may request elect to have bank their overtime banked by the Company. Time in exchange for time off in lieu of payment to be taken at a time mutually agreed to by time between the Company and the employee. In This paid time off may be used for any personal business or may be accumulated to provide time off to be taken during slack periods. If the event that banked employee does not elect to bank their overtime, then it shall be paid in the pay period the overtime is not used prior to December 31 of any year, payment will be made of the balance at the applicable rate of earnings in force at the time the overtime was worked.

Banked Overtime. ‌ Employees may request to have overtime banked by the Company. Time off in lieu of payment to be taken at a time mutually agreed to by the Company and the employee. In the event that banked overtime is not used prior to December 31 of any year, payment will be made of the balance at the applicable rate of earnings in force at the time the overtime was worked.