Common use of Banked Overtime Hours Clause in Contracts

Banked Overtime Hours. It is agreed that all employees shall have the option of either being paid or to bank all overtime hours worked. All hours banked in a calendar year will be paid at the rate of pay at the time the employee banked the overtime if the employee has not exhausted bank at the end of each calendar year. Employees wishing to take paid time off in lieu of overtime pay must provide at least two weeks` notice to their supervisor. Paid time off must be scheduled by mutual agreement between the employee and supervisor. Employees will be allowed to bank overtime in dollars until the end of the following calendar year.

Banked Overtime Hours. It is agreed that all employees shall have the option of either being paid or to bank all overtime hours worked. All hours banked in a calendar year will be paid at the rate of pay at the time the employee banked the overtime if the employee has not exhausted bank their banked hours at the end of each calendar year. Employees wishing to take paid time off in lieu of overtime pay must provide at least two (2) weeks` notice to their supervisor. Paid time off must be scheduled by mutual agreement between the employee and supervisor. Employees will be allowed to bank overtime in dollars until the end of the following calendar year.