Common use of Banking of General Holidays Clause in Contracts

Banking of General Holidays. Employees shall have the option of banking general holidays as follows: When an employee works a general holiday, they shall have the option of being paid general holiday pay or taking equivalent time off. Should an employee choose to take equivalent time off it will be scheduled within ninety (90) days of the actual general holiday or taken with the employee's next annual vacation. Days taken as equivalent time off shall be by mutual agreement between the Employer and employee or they may bank the pay (one and one-half (1½) times their regular rate of pay for all time worked) referred to in 21.04 in accordance with banked overtime rules outlined in 20.02.