Common use of Banking of Overtime Clause in Contracts

Banking of Overtime. In lieu of the overtime provisions of Article 5.06 of the Collective Agreement, employees may choose to bank overtime hours to be taken as paid time off at a future date. Employees choosing to bank their overtime must advise the Employer of their decision in advance of working the overtime. Employees may bank up to eighty (80) hours of paid time off which may be taken at a mutually agreed upon time between the Employer and the Employee in blocks of not less than eight (8) hours. In no event will such banked time off be accumulated from calendar year to calendar year unless mutually agreed otherwise. If such mutual agreement is not made, all banked time not taken by December 1 of the calendar year in which it is accumulated will be paid out by December 15 of such year at overtime rates under this Agreement.