Deferred Overtime Plan Clause Samples
A Deferred Overtime Plan is a policy that allows employees to accumulate overtime hours worked and receive compensation or time off at a later date instead of immediately. Under this arrangement, overtime hours are tracked and credited to the employee, who can then choose to use the accrued time as additional paid leave or receive payment during a designated period, such as at the end of the year. This clause provides flexibility for both employers and employees in managing overtime, helping to balance workloads and payroll expenses while ensuring employees are fairly compensated for extra hours worked.
Deferred Overtime Plan. The purpose of the Deferred Overtime Plan is to enable employees to elect to receive additional compensating time off from work with pay in lieu of the additional one-half time rate payment for work performed at the rate of time and one-half or full time rate payment for work performed at the rate of double time as provided in this article.
a) An employee who elects to participate in the plan shall notify the Personnel department and sign a form authorizing his participation in the plan. The authorization shall be revocable at any time, but once the employee withdraws from the plan he would not be eligible to rejoin the plan until the following September 1. An employee who withdraws from the plan shall receive normal overtime payment from the date of withdrawal. Hours accumulated shall be taken in accordance with paragraphs d) and e). Consideration shall be given to a request for payment of accumulated time in cases of substantiated compassionate circumstances or emergencies. Such requests shall be presented, in writing, to the Company and the Union for mutual approval.
b) Deferred overtime hours shall be calculated on the following basis:
i) One-half hour for each overtime hour paid at time and one-half rate as provided in Section 1 and 2 of this article.
ii) One hour for each overtime hour paid at double time rate as provided in Section 1 and 2 of this article.
iii) Or alternatively, an employee may bank one and one-half (1.5) hours for each overtime hour worked at the time and one-half rate, or two (2) hours for each overtime hour worked at the double time rate up to a maximum of eighty (80) hours each year. Upon reaching the eighty (80) hour maximum, further banking must be in accordance with (a), (b), or (c).
iv) An employee will be allowed to bank a maximum of one hundred and twenty (120) total hours per year.
Deferred Overtime Plan. The purpose of the Deferred Overtime Plan is to enable employees to elect to receive additional compensating time off from work with pay in lieu of the additional one-half time rate payment for work performed at the rate of time and one-half or full-time rate payment for work performed at the rate of double time as provided in Section 26.
Deferred Overtime Plan. The purpose of the Deferred Overtime Plan is to enable employees to elect to receive additional Compensating Time Off from work with pay in lieu of the additional one-half time rate payment for work performed at the rate of time and one-half or full time rate payment for work performed at the rate of double time as provided in Section An employee who elects to participate in the Plan shall notify the Personnel Department and sign a form authorizing his participation in the Plan. The authorization shall be revocable at any time but once the employee withdraws from the Plan, he would not be eligible to rejoin the Plan until the following September An employee who withdraws from the Plan shall receive normal overtime payment from the date of withdrawal. Hours accumulated shall be taken in accordance with paragraphs and Deferred overtime hours shall be calculated on the following basis:
Deferred Overtime Plan. The purpose of the Deferred Overtime Plan is to enable employees to elect to receive additional Compensating Time Off from work with pay in lieu of the additional one-half time rate payment for work performed at the rate of time and one-half or full time rate payment for work performed at the rate of double time as provided in Section 9.
i) An employee who elects to participate in the plan shall notify the Personnel Department and sign a form authorizing his participation in the plan. The authorization shall be revocable at any time but once the employee withdraws from the plan, he would not be eligible to rejoin the plan until the following September 1. An employee who withdraws from the plan shall receive normal overtime payment from the date of withdrawal. Hours accumulated shall be taken in accordance with paragraphs (iv) and(v).
ii) Deferred overtime hours shall be calculated on the following basis.
a) One-half hour for each overtime hour paid at time and one-half rate as provided in Section 9.
b) One hour for each overtime hour paid at double time rate as provided in Section 9.
iii) Deferred overtime hours shall be accumulated during the period from September 1, 1977 to August 31, 1978 and thereafter for each twelve (12) month period commencing September 1. An employee cannot accumulate more than eighty (80) hours during each of these twelve (12) month periods.
iv) Compensating Time Off shall be accumulated in units of eight (8) hours.
a) Upon accumulation of eight (8) hours, the employee may request compensating time off prior to the end of the accumulating period. Compensating time off must be taken in units of eight (8) hours.