Banked Time Off Clause Samples

Banked Time Off. 1. Members who work a forty-hour (40) week will have the opportunity to use banked overtime credits for the purposes of taking time off not exceed four (4) days or 40 hours. 2. The following conditions shall apply to Banked Overtime. a. Banked time off hours shall be taken by any employee only at such time as the department head, at his discretion, shall designate or approve; provided, however, that time off hours must be taken within the fiscal year in which the overtime was worked. b. Overtime earned and banked in one pay period may not be used until the following pay period. When employees receive time and one- half for overtime, they shall not be permitted to bank the premium time, because the banking of premium time will cause overtime pyramiding, which will increase the Fire Department's overtime liability. Only straight time may be banked. All premium time shall be paid. c. All banked overtime hours not taken off in accordance with Section III, (B) (2) (a) above shall be automatically paid off in the following pay period or prior to a general salary increase. d. No overtime hours shall be accumulated in excess of the maximum set forth above, or be carried over into the following fiscal year. e. All banked time off hours not taken off prior to the pay period in which a salary increase is effective (except for automatic step increases and that permitted to be carried over) shall be automatically paid at the lower pay rate.
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Banked Time Off. (a) An Employee who has banked overtime in any calendar year may request to take the equivalent of such banked time off in minimum periods of one (1) hour during that calendar year. (b) All requests for banked time off must, unless otherwise mutually agreed between the Company and the Employee, be presented in writing to the Company a minimum of fourteen (14) calendar days prior to the time requested off, and approval of such time off by the Company will be subject to operational requirements. (c) Once the Company has approved banked time off for an Employee, such time off cannot be changed by either the Company or the Employee without a minimum of fourteen (14) calendar days notice by either party, except by mutual agreement. (d) In the event that two (2) or more Employees in a department request banked time off for the same period, preference shall be given to the senior Employee making the request for the time off.
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Banked Time Off. In lieu of overtime pay, an employee may elect at the time the overtime is worked to bank time off in hours equivalent to the money earned. Such time off may be taken at a time mutually agreeable, and any time not taken by April 1st of the following year will be paid out by the Employer at the rate prevailing at the time worked. Employees requesting more than one day off must give ten (10) working days notice in writing of such request.
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Related to Banked Time Off

  • Paid Time Off The Executive shall be entitled to take paid time off in accordance with the Company’s applicable paid time off policy for executives, as may be in effect from time to time.

  • Paid Time Off (PTO) During the Term, Executive shall be entitled to paid time off in accordance with Company’s policy in place from time to time; provided, however, that Executive shall be eligible to accrue no less than twenty (20) days per calendar year (with such amount prorated for the balance of 2017).

  • Time Off The company recognises that sufficient time off to attend to personal matters and for recreation are important to the employee’s wellbeing, job satisfaction and overall productivity. Accordingly, time off may be taken with the consent of the Company, which shall not be unreasonably withheld. In considering the approval to have time off, the Parties will have regard to the current works programme and the urgency of the reason for time off. In the event that time off is to be taken, it will be the employee’s obligation to advise the Company in advance or as soon as practicable on the day of absence, recognising that unplanned absences can cause costly disruption to programmed works and are a major source of annoyance for the company, other employees and clients. The object of offering flexible working hours is that in return employees will take very seriously their obligation to turn up when they are expected. In view of the disruption caused by unplanned and or notified absenteeism, repeated failure to observe the protocol for time off would constitute misconduct.