Banked Overtime Hours Sample Clauses
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Banked Overtime Hours. It is agreed that all employees shall have the option of either being paid or to bank all overtime hours worked. All hours banked in a calendar year will be paid at the rate of pay at the time the employee banked the overtime if the employee has not exhausted bank at the end of each calendar year. Employees wishing to take paid time off in lieu of overtime pay must provide at least two weeks` notice to their supervisor. Paid time off must be scheduled by mutual agreement between the employee and supervisor. Employees will be allowed to bank overtime in dollars until the end of the following calendar year.
Banked Overtime Hours. Employees may elect to bank hours of overtime, up to a maximum of eighty (80) straight time hours. This decision must be communicated to the Company, in writing, prior to December 31 each year, on an appropriate form to be provided by the Company. Banked hours are earned during the calendar year between January 1 and December 31. Banked hours will be paid at the rate the employee was receiving at the time they earned the banked hours. Banked hours will only be utilized for maximizing regular hours during a short work week or to apply against the three day waiting period referred to in 19.06(b). For the purpose of this clause it is understood that a short work week is defined as a week in which the number of scheduled work hours is less than forty (40) hours. Upon three (3) weeks notice to the Company, hours banked but not taken shall be paid upon request. Accumulated hours will be recorded and such recap shall be made available to employees upon request. RENEWED THIS 8th DAY OF JUNE , 2013 . BETWEEN: Lilydale Co-operative Inc. Abbotsford, B.C. AND: United Food and Commercial Workers International Union, Local 1518
Banked Overtime Hours. It is agreed that all employees shall have the option of either being paid or to bank all overtime hours worked. All hours banked in a calendar year to be taken as paid time off by the end of the following calendar year or paid out as regular earnings at the appropriate rate. Banked hours taken as time off will be paid at the rate of pay at the time the employee requests time off as banked, provided, however, that the monetary value of paid- out banked overtime is equal to the dollar amount banked. It is understood that the employee(s) will give the Employer at least one month’s notice of the time at which they want to use the banked overtime and the time will be mutually agreed upon by the Employer and Employee.
Banked Overtime Hours. Employees may bank up to forty (40) hours of overtime annually, which they may use as vacation time, provided a vacation slot is available in accordance with Article 19. Unused banked hours will be paid out in the last pay period of December of each calendar year. One (1) time each calendar year an employee may request in writing that his bank of overtime hours be paid out in full, provided the employee has made such a request of the Company at least two (2) weeks prior to the Company’s next scheduled pay day.
Banked Overtime Hours. It is understood that the reporting of this information is subject to the limitations of the facility’s payroll system and subject to the acceptability to the Employer of any costs associated with modifying the payroll system.