Overtime Banking. 1. Employees may, instead of taking overtime earnings in cash at the time it is earned, transfer up to 100% of those earnings to an overtime (OT) bank, separate from existing Vacation Overtime (V.O.) banks, to be taken as time off in lieu of wages or to be paid out by September 30 in the year following the calendar year in which it is earned. Earnings for standby time, high time, shift change penalties, missed meals, shift differentials and allowances do not qualify for the OT bank.
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Overtime Banking. 1. Employees may, instead of taking overtime earnings in cash at the time it is earned, transfer up to 100% of those earnings to an overtime (OT) bank, separate from existing Vacation Overtime (V.O.VO) banks, to be taken as time off in lieu of wages or to be paid out by September 30 in the year following the calendar year in which it is earned. Earnings for standby time, high time, shift change penalties, missed meals, shift differentials and allowances do not qualify for the OT bank.
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Samples: Agreement
