Common use of Banked Overtime Clause in Contracts

Banked Overtime. (a) Where mutually agreed by the Employer and the Employee, the Employee may receive time off in lieu of overtime (banked overtime). Banked overtime shall be equivalent to the actual time worked multiplied by the applicable overtime rate. Banked overtime may be taken as time off at a time mutually agreed by the Employee and the Employer. Overtime may be banked to a maximum of forty (40) hours at any one time; any overtime in excess of forty (40) hours shall be paid as it is earned. Banked overtime must be taken as time off or paid out by March 31st of each calendar year. (b) Failing mutual agreement in accordance with clause 19.07(a), the Employer shall pay overtime at the applicable overtime rate.

Banked Overtime. (a) Where mutually agreed by the Employer and the Employee, the Employee may receive time off in lieu of overtime (banked overtime). Banked overtime shall be equivalent to the actual time worked multiplied by the applicable overtime rate. Banked overtime may be taken as time off at a time mutually agreed by the Employee and the Employer. Overtime may be banked to a maximum of forty (40) hours at any one time; any overtime in excess of forty (40) hours shall be paid as it is earned. Banked overtime must be taken as time off or paid out by March 31st of each calendar year. (b) Failing mutual agreement in accordance with clause Clause 19.07(a), the Employer shall pay overtime at the applicable overtime rate.

Banked Overtime. (a) Where mutually agreed by the Employer and the Employee, the Employee may receive time off in lieu of overtime (banked overtime). Banked overtime shall be equivalent to the actual time worked multiplied by the applicable overtime rate. Banked overtime may be taken as time off at a time mutually agreed by the Employee and the Employer. Overtime may be banked to a maximum of forty (40) hours at any one time; any overtime in excess of forty (40) hours shall be paid as it is earned. Banked overtime must be taken as time off or paid out by March 31st of each calendar year.March (b) Failing mutual agreement in accordance with clause 19.07(a), the Employer shall pay overtime at the applicable overtime rate.