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Common use of Time Bank Clause in Contracts

Time Bank. 9.04.01 Employees may enrol in a time bank for the purposes of recording time credits accrued as a result of working overtime, by advising the Company in writing. 9.04.02 On December 15th of each year employees will be required to advise the Company whether they wish to be paid any overtime hours worked or to enroll in the time bank, starting January 1st of the following year. Once having elected to enroll in the time bank, an employee may opt out at any time provided there is only one (1) change per calendar year. The employee must advise the Company in writing of his/her decision. 9.04.03 Time Bank shall be limited to plus seventy-five (75) hours. A maximum of thirty-seven and one-half (37.5) hours may be carried over into the following calendar year. On December 1 of each year, any hours exceeding thirty-seven and one-half (37.5) in the time bank shall be paid out on the final pay check of the year. 9.04.04 Accrued time credits may be withdrawn from the time bank in the form of time off, at some later date in accordance with Article 9.05.

Appears in 3 contracts

Samples: Collective Agreement, Collective Agreement, Collective Agreement

Time Bank. 9.04.01 Employees may enrol in a time bank for the purposes of recording time credits accrued as a result of working overtime, by advising the Company in writing. 9.04.02 On December 15th of each year employees will be required to advise the Company whether l they wish to be paid any overtime hours worked or to enroll in the time bank, starting January 1st of the following year. Once having elected to enroll in the time bank, an l employee may opt out at any time provided there is only one (1) change per calendar year. l The employee must advise the Company in writing of his/her decision. 9.04.03 Time Bank shall be limited to plus seventy-five (75) hours. A maximum of thirty-seven and one-half (37.5) hours may be carried over into the following calendar year. On December 1 l of each year, any hours exceeding thirty-seven and one-half (37.5) in the time bank shall be l paid out on the final pay check of the year. 9.04.04 Accrued time credits may be withdrawn from the time bank in the form of time off, at some later date in accordance with Article 9.05.

Appears in 1 contract

Samples: Collective Agreement