Common use of Banking of Overtime Clause in Contracts

Banking of Overtime. At the time of reporting overtime hours, employees, except casuals, shall have the option to: a) bank overtime hours at the applicable overtime rates and take compensating time off at a later mutually agreeable time between the employee and supervisor, b) receive pay at the applicable overtime rates on the next pay cheque. c) The supervisor and employee are expected to manage the utilization of accrued overtime. Any remaining credit balance at August 31, or on termination, will automatically be processed by Payroll for payout upon receipt of the August attendance reports. d) Once an employee elects banking or pay for an instance of overtime, no change shall occur.

Banking of Overtime. ‌ At the time of reporting overtime hours, employees, except casuals, shall have the option to: a) bank overtime hours at the applicable overtime rates and take compensating time off at a later mutually agreeable time between the employee and supervisor, b) receive pay at the applicable overtime rates on the next pay cheque. c) The supervisor and employee are expected to manage the utilization of accrued overtime. Any remaining credit balance at August 31, or on termination, will automatically be processed by Payroll for payout upon receipt of the August attendance reports. d) Once an employee elects banking or pay for an instance of overtime, no change shall occur.