Banked Hours (also known as Time Off in Lieu) refers to hours worked over an employee’s regular schedule, but instead of receiving an overtime payment for these hours, they are held (banked) to be taken as leave at a time in the future that is agreed between supervisor and employee.
Alberta has regulations around the use of banked time, and the procedures may be applied to individuals or groups of individuals in your company. Caseley Consulting has included the guidelines you need to explain banked time to your employees and individual and group banked time agreements to institute the policy legitimately.
Caseley Consulting is pleased to support you with customizing and implementing this policy effectively-should you have questions or require support, email [email protected] This policy has been developed to adhere to Alberta Employment Standards as of May 2021. We are also able to provide policies and documentation from other provinces or territories.
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