Common use of Banking of Lieu Time Clause in Contracts

Banking of Lieu Time. Where an employee has worked and accumulated approved overtime hours, holiday lieu days or holidays that fell on an employee’s scheduled day off, up to a maximum of five (5) day’s accumulation (37.5 hours for employees whose regular hours are other than the standard work day), then such employee shall have the option of electing payment at the applicable rate or time off equivalent to the applicable rate (i.e. where applicable overtime rate is one and one-half (1 1/2) times, then time off shall be at one and one-half (1 1/2) times). When an employee chooses the latter option, such time off must be taken within three (3) months of the occurrence of the overtime at a time mutually agreeable to the Hospital and the employee, or payment in accordance with the former option shall be made. The following stipulations apply: (a) all paid holidays can be accumulated to a total of five (5) except Christmas Day, Boxing Day and New Year’s Day which must be taken as scheduled; (b) paid holiday banks must be cleared by December 31 in any one (1) calendar year;

Banking of Lieu Time. Where an employee has worked and accumulated approved overtime hours, holiday lieu days or holidays that fell on an employee’s scheduled day off, up to a maximum of five (5) day’s accumulation (37.5 hours for employees whose regular hours are other than the standard work day), then such employee shall have the option of electing payment at the applicable rate or time off equivalent to the applicable rate (i.e. where applicable overtime rate is one and one-half (1 1/2) times, then time off shall be at one and one-half (1 1/2) times). When an employee chooses the latter option, such time off must be taken within three (3) months of the occurrence of the overtime at a time mutually agreeable to the Hospital and the employee, or payment in accordance with the former option shall be made. The following stipulations apply: (a) all paid holidays can be accumulated to a total of five (5) except Christmas Day, Boxing Day and New Year’s Day which must be taken as scheduled; (b) paid holiday banks must be cleared by December 31 in any one (1) calendar year; (c) employees must declare their intention to save any paid holidays fourteen (14) calendar days prior to the posting of schedules.