Banking or averaging vacation time Clause Samples

The "Banking or averaging vacation time" clause defines how employees can accumulate (bank) or distribute (average) their vacation days over a period of time rather than using them within a single year. This clause typically outlines whether unused vacation days can be carried forward to future years, or if employees can take vacation in advance or in blocks that do not strictly align with annual accrual. By establishing clear rules for vacation time management, this clause helps prevent misunderstandings about entitlements and ensures both employer and employee have a mutual understanding of how vacation time can be used or saved.
Banking or averaging vacation time. A two (2) year averaging or banking of time normally available for vacation may be arranged with prior approval of the ▇▇▇▇ or appropriate Administrator.
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Related to Banking or averaging vacation time

  • Settlement Averaging Period For any Option and regardless of the Settlement Method applicable to such Option:

  • Valuation Time At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its reasonable discretion.

  • Holidays During Vacation If a paid holiday falls or is observed during an employee's vacation period, he/she shall be granted an additional day's vacation with pay for each holiday in addition to his/her regular vacation time.

  • VALUATION PERIOD Each Division will be valued at the end of each Valuation Period on a Valuation Date. A Valuation Period is each Business Day together with any non-Business Days before it. A Business Day is any day the New York Stock Exchange (NYSE) is open for trading, and the SEC requires mutual funds, unit investment trusts, or other investment portfolios to value their securities. ACCUMULATION VALUE The Accumulation Value of this Contract is the sum of the amounts in each of the Divisions of the Variable Separate Account and General Account. You select the Divisions of the Variable Separate Account and General Account to which to allocate the Accumulation Value. The maximum number of Divisions to which the Accumulation Value may be allocated at any one time is shown in the Schedule. ACCUMULATION VALUE IN EACH DIVISION ON THE CONTRACT DATE On the Contract Date, the Accumulation Value is allocated to each Division as elected by you, subject to certain terms and conditions imposed by us. We reserve the right to allocate premium to the Specially Designated Division during any Right to Examine contract period. After such time, allocation will be made proportionately in accordance with the initial allocation(s) as elected by you. ON EACH VALUATION DATE At the end of each subsequent Valuation Period, the amount of Accumulation Value in each Division will be calculated as follows:

  • Holiday Coinciding with a Day of Vacation Where an employee is on vacation leave and a day of paid holiday falls within that period, the paid holiday shall not count as a day of vacation.