Common use of Banking of Overtime Hours Clause in Contracts

Banking of Overtime Hours. An employee shall have the option of banking his/her overtime at the rate of one and one half (1 ½) hour for each hour worked or any part thereof to a maximum of five (5) days. It is agreed that any banked time must be recorded on the employee’s time slip and that the banked time off compensation must be taken between April 1st and March 31st in the pay grid year earned and only with the approval of the employee’s supervisor. If time is banked within the last pay period prior to March 31st in a given year, it will be paid out in that pay period. Any overtime not banked, shall be paid at premium time. i. e. - Bank worked at time and one half (1 ½)

Banking of Overtime Hours. An employee shall have the option of banking his/her overtime at the rate of one and one half (1 ½) hour for each hour worked or any part thereof to a maximum of five (5) days. It is agreed that any banked time must be recorded on the employee’s time slip and that the banked time off compensation must be taken between April 1st and March 31st in the pay grid year earned and only with the approval of the employee’s supervisor. If time is banked within the last pay period prior to March 31st in a given year, it will be paid out in that pay period. Any overtime not banked, shall be paid at premium time. i. e. - Bank worked at time and one half (1 ½)

Banking of Overtime Hours. An employee shall have the option of banking his/her overtime at the rate of one and one half (1 ½) hour for each hour worked or any part thereof to a maximum of five (5) days. It is agreed that any banked time must be recorded on the employee’s time slip and that the banked time off compensation must be taken between April 1st and March 31st in the pay grid year earned and only with the approval of the employee’s supervisor. If time is banked within the last pay period prior to March 31st in a given year, it will be paid out in that pay period. Any overtime not banked, shall be paid at premium time. i. e. - Bank worked at time and one half (1 ½)) - Paid worked at premium time.