Time Off in Lieu Bank Clause Samples
The Time Off in Lieu Bank clause establishes a system where employees can accumulate extra hours worked as time off instead of receiving overtime pay. Under this arrangement, when an employee works beyond their standard hours, those additional hours are credited to a 'bank' and can later be taken as paid leave, subject to employer approval and scheduling needs. This clause provides flexibility for both employers and employees, allowing businesses to manage workloads efficiently while giving staff the opportunity to balance work and personal commitments without incurring additional payroll costs.
Time Off in Lieu Bank. At the request of the Employee, time off, calculated at the appropriate overtime rates in lieu of overtime pay may be banked to a maximum of fourty-eight (48) hours. This shall be taken at a time mutually acceptable between the Employee and the Employer(s) and must be recorded on time sheets or work records accessible to Employees. Any unused portion of the time in lieu bank shall be paid out by March 31 of each year.
Time Off in Lieu Bank. At the request of the Employee, time off, calculated at the appropriate overtime rates in lieu of overtime pay or designated holiday pay may be banked to a maximum of eighty (80) hours. This shall be taken at a time mutually acceptable between the Employee and the Employer(s) and must be recorded on time sheets or work sheets accessible to Employees. An Employee’s time in lieu bank will be paid out at the Employee’s request once per year. Any remaining portion of the time in lieu bank as of March 1st shall be paid out by March 31st of each year.