Paid Holiday Bank Employees qualify in accordance with the collective agreement. The paid holidays are identified in the Collective Agreement. Credit to the paid holiday bank will occur on the date of the holiday. Drawing from the paid holiday bank will occur at an accelerated rate of 1.25 hours paid for every hour taken (i.e. 11.25 hours worked equals 14.05 hours paid; 7.5 hours worked equals 9.375 hours paid).
Holiday Falling on a Scheduled Workday An Employee who works on a designated holiday which is a scheduled workday shall be compensated at the rate of double time for hours worked, plus a day off in lieu of the holiday; except for Christmas and New Year's when the compensation shall be at the rate of double time and one-half (2½) for hours worked, plus a day off subject to this Agreement.