Common use of Vacation Banking Clause in Contracts

Vacation Banking. ‌ 9.06.1 All vacation must be taken in the year for which the entitlement applies except: (1) employees with four (4) weeks vacation entitlement may bank up to two (2) weeks of vacation per year up to a maximum of four (4) weeks. (2) employees with five (5) or more weeks vacation entitlement may bank up to two (2) weeks of vacation per year to be placed in either a “vacation bank” or a “retirement bank”. The maximum number of weeks in the “vacation bank” is six (6) weeks. The maximum number of weeks in the “retirement bank” is ten (10) weeks, and these may only be accessed immediately prior to the employee’s retirement date in time off, or, as a payout at retirement. 9.06.2 The total amount of banked vacation granted in any given year within the department at an operating centre shall not exceed the total amount of vacation committed to be banked in that same year within that department at that particular operating centre. 9.06.3 With the exception of the “retirement bank” described in G 9.06.1, employees cannot bank annual vacation in the same year that banked annual vacation will be taken off.

Vacation Banking. ‌ 9.06.1 All vacation must be taken in the year for which the entitlement applies except: (1) employees with four (4) weeks vacation entitlement may bank up to two (2) weeks of vacation per year up to a maximum of four (4) weeks. (2) employees with five (5) or more weeks vacation entitlement may bank up to two (2) weeks of vacation per year to be placed in either a “vacation bank” or a “retirement bank”. The maximum number of weeks in the “vacation bank” is six (6) weeks. The maximum number of weeks in the “retirement bank” is ten (10) weeks, and these may only be accessed immediately prior to the employee’s retirement date in time off, or, as a payout at retirement. 9.06.2 The total amount of banked vacation granted in any given year within the department at an operating centre shall not exceed the total amount of vacation committed to be banked in that same year within that department at that particular operating centre. 9.06.3 With the exception of the “retirement bank” described in G 9.06.1, employees cannot bank annual vacation in the same year that banked annual vacation will be taken off.