Overtime Bank definition

Overtime Bank is calculated at 1½ times and is added to the employees VIP Overtime Bank. Hours can not be banked beyond a three (3) month period. Additional hours worked that need to be banked, must be included in an employee’s weekly timesheet using “Request to Bank Overtime – 1035”, no later than Monday at Noon for the previous week. Employment Standards Act (ESA)
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Overtime Bank means overtime placed in a bank which is calculated at time and a half in accordance with the Canada Labour Code.
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Examples of Overtime Bank in a sentence

  • The definition of "Overtime Bank" shall be as given in Clause 16.11.

  • Employees must use their unscheduled vacation entitlement, floater days, Stat Lieu Bank and Overtime Bank before an unpaid Leave can commence.

  • If an employee, in this group, is scheduled, and does work on a public holiday, then in addition to receiving the aforementioned credits, their "Overtime Bank" will be credited with a one-half (½) time premium, expressed in hours, for all hours actually worked on the public holiday.

  • Overtime Bank Credit values established as overtime credits shall be paid out entirely at the applicable hourly rate or at the Flight Attendant’s option placed in the Flight Attendant’s time bank.

  • For these employees, all overtime hours worked in the show install period up to and including the day of opening performance, will go into the Overtime Bank.

  • The equivalent of the first ten (10) days pay deposited into the employee’s Overtime Bank each year shall be made available for scheduling time off, at the discretion of the Company, in order to postpone or avoid seasonal layoff.

  • Total net amount of $ * Attached are post-dated cheques for $ each to address the amount in full Collect the amount of recovery required from one or more of the following banks (subject to tax and applicable deductions): Overtime Bank Statutory Holiday Bank Vacation Bank I dispute the overpayment claim and as a result, I am not selecting any of the repayment options above.

  • For the purpose of this proration, "absence" shall not include time off work for Annual Vacation, Legacy Days, Choices Days or Overtime Bank Days.

  • The Union and the Employer agree to establish an Overtime Bank for all Regular Employees on running crew who regularly work overtime as part of the Technical Week schedule.

  • Employees in classifications/locations subject to seasonal layoff as determined by the Company may deposit the entire 200% overtime compensation into their Overtime Bank.