Banked Vacation Clause Samples
The Banked Vacation clause defines how employees can accumulate unused vacation days for future use rather than losing them at the end of a set period. Typically, this clause outlines the maximum number of days that can be carried over, any deadlines for using banked days, and whether these days can be paid out upon termination. Its core function is to provide flexibility for employees in managing their time off while ensuring the employer maintains clear policies on vacation accrual and usage.
POPULAR SAMPLE Copied 1 times
Banked Vacation. (a) Once every five years an employee may bank one full year's vacation to be taken in conjunction with the next year's vacation. For the purposes of this clause, all vacation in the second year must be taken concurrently.
(b) An employee wishing to bank their vacation under this clause must submit their written request by December 15th of the year preceding the year in which the "banking" will occur.
(c) It is understood that no more than one employee from each program will be allowed to access this clause each year.
(d) Scheduling of the vacation will be in accordance with Clause 17.4 Vacation Scheduling.
Banked Vacation. Effective January 1, 1993, upon eligibility for 25 working days (five weeks) of annual vacation, employees may defer and accumulate any vacation entitlement beyond 15 days per year. A maximum of 30 weeks' vacation may be banked. Banked vacation may be taken at a later date, subject to the supervisor's approval, or may be taken as a cash payment upon retirement.
Banked Vacation. Annual vacation entitlement must normally be scheduled and taken throughout the calendar year. If the entitlement is not fully used in the calendar year, the balance may be paid out at the end of the year or may be deferred for up to one year. Employees shall have the following choices regarding payout of already banked vacation: either full payout, or partial payout with retention of the residual banked vacation or no payout with retention of all banked vacation.
Banked Vacation. Subject to a supervisor’s approval as to timing, effective January 1, 2004, Employees eligible for vacation in accordance with Articles 38.3 or 38.4 will be allowed to defer one week of vacation entitlement into the subsequent year.
Banked Vacation. Effective January 1, 1993, upon eligibility for 25 working days (five weeks) of annual vacation, employees may defer and accumulate any vacation entitlement beyond 15 days per year. A maximum of 30 weeks' vacation may be banked. Banked vacation may be taken at a later date, subject to the supervisor's approval, or may be taken as a cash payment upon retirement.
34.11.1 Employees who reach the 30 week maximum will be required to take their full vacation each year, and the Company will be required to grant such vacation each year, with such vacation being scheduled according to the provisions of Article 34.0. Alternatively, and at the request of the employee, vacation in excess of the 30 weeks may be paid out at the end of each year.
34.11.2 Employees who have, as of December 31, 2010, more than 30 weeks vacation in their bank will be permitted to retain the excess but will not be permitted to accrue any additional banked vacation until such time as their bank drops below the 30 week maximum.
Banked Vacation a) Employees shall be permitted to bank up to five (5) working days’ vacation to be taken in the following vacation year.
b) The banked vacation shall be taken at a time mutually agreed upon with the Employer.
Banked Vacation. Once every five years an employee may bank one full year's vacation to be taken in conjunction with the next year's vacation. For the purposes of this clause, all vacation in the second year must be taken concurrently.
Banked Vacation. Employees may bank regular vacation credits in excess of the legal requirement for purposes of retirement, up to a maximum of twelve (12) weeks. These twelve (12) weeks of banked regular vacation must be taken immediately prior to retirement and will be paid at the employee’s current rate of vacation pay at the time when taking the banked vacation time off. An employee must advise the Company by February 1st of each year the amount of vacation time they would like to bank.
Banked Vacation. 23.9.1 Effective January 1, 2014, there shall be no banking of vacations.
23.9.2 Any previously banked vacation shall be treated as follows: Banked vacation weeks shall be selected from any available remaining vacation time after all current weeks of vacation, day at a time vacation have been selected during the normal vacation selection process.
Banked Vacation. Effective January upon eligibility for working days (three weeks) of annual vacation, employees may defer and accumulate any vacation entitlement beyond days per year. A maximum of weeks‘ vacation may be banked. Banked vacation may be taken at a later date, subject to the Supervisor’s approval, or may be taken as a cash payment upon retirement. Vacation Bonus Employees shall receive one day’sbase pay (or adjusted earnings) for each year of service beyond twenty-five (25) years, to a maximum of ten (10) days’ pay. Vacation Entitlement on