Common use of Paid Holiday Bank Clause in Contracts

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 one point two five (1.25) hours paid for every hour taken (i.e. eleven point two five (11.25) hours worked equals fourteen point zero five (14.05) hours paid; seven point five (7.5) hours worked equals nine point three seven five (9.375) hours paid). If an employee works on a paid holiday as defined by the Collective Agreement, she or he will receive one and one-half (1 ½) hours pay for all hours worked on a holiday. The employee will not receive a lieu day. Article

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 one point two five (1.25) hours paid for every hour taken (i.e. eleven point two five (11.25) hours worked equals fourteen point zero five (14.05) hours paid; seven point five (7.5) hours worked equals nine point three seven five (9.375) hours paid). If an employee works on a paid holiday as defined by the Collective Agreement, she or he will receive one and one-half (1 ½) hours pay for all hours worked on a holiday. The employee will not receive a lieu day. Articleall