Overtime Banking. (a) Employees who are required to work overtime shall elect at the time of working such overtime whether to be paid for it or instead to receive compensating time off in lieu. An employee who elects to receive compensating time off, shall be credited with compensating time off equivalent to the number of hours which the employee would have been paid for the overtime worked and, subject to an employee's request to be granted compensating time off being approved by the department head (or delegate), such employee shall be granted any portion of the compensating time off at the pay rate or rates in effect at the time the overtime in question was worked. All compensating time off credited during a particular calendar year but which has not been granted to an employee by March 31st of the immediately following year shall be paid in cash at that time at the pay rate or rates in effect at the time the overtime in question was worked.
Overtime Banking. Employees desiring to bank overtime may elect to do so under the following criteria: * The half time associated to overtime may be banked up to a total of 24 hours per calendar year. This limit may be replenished throughout the year. * Banked time must be taken in full day increments or the employee may elect to receive the pay. * Employees must have cleared or be scheduled to clear their hours account by December 15. If the account is not cleared then the employee will be paid the balance in cash. * Payment will be based on the current rate of pay at the time the banked time is used. * Time off must be requested in advance, unless bona fide illness. (Company will monitor) * Time off will be subject to Company service requirements and no additional cost to the Company. * Implementation of the Overtime Banking arrangement will be subject to the development of an appropriate computer system.
Overtime Banking. 1. Employees may, instead of taking overtime earnings in cash at the time it is earned, transfer up to 100% of those earnings to an overtime (OT) bank, separate from existing Vacation Overtime (V.O.) banks, to be taken as time off in lieu of wages or to be paid out by September 30 in the year following the calendar year in which it is earned. Earnings for standby time, high time, shift change penalties, missed meals, shift differentials and allowances do not qualify for the OT bank.
Overtime Banking. 29.1 All employees will be entitled each year to bank up to a maximum of five (5) days, being forty (40) hours overtime approved by the Corporation for Outside workers effective July 31, 1998, and five (5) days, being thirty-five (35) hours overtime approved by the Corporation for Inside workers effective August 7, 1998, based on the overtime rate as per the Collective Agreement, to be taken at the Corporation's discretion after conferring with the employee.
Overtime Banking. 23.09 a) Regular Employees may request to bank Overtime in lieu of payment. Overtime can be banked on the basis of one (1) hour off for each hour of pay (e.g., one (1) hour paid at double time would be banked as two (2) hours).
Overtime Banking. In addition to the above, the following conditions and procedures shall govern the “banking” of overtime.
Overtime Banking. (a) Basis for Banking Overtime Employees may elect to bank the hours of overtime worked at the straight-time (1X) equivalent (i.e. one (1) hour at double time (2X) equals two (2) hours in the overtime bank).
Overtime Banking. In recognition that from time to time, an employee may require time off for personal reasons or unforeseen circumstances the following conditions may apply:
Overtime Banking. 15. 07 (a) When an employee works overtime, he may direct that the amount payable for that overtime be banked rather than paid to him. One (1) hour of overtime worked equals two (2) hours of banked time.
Overtime Banking. Any election to bank under this provision will be done in accordance with Article 16.07.
