How does banked time work?

Banked time saves your overtime as paid time off, instead of paying it on your cheque. Paycheq keeps track of what you bank, what you claim, and your balance.

Setting it up

1. Go to Jobs, tap your job, then Contract rules.

2. Tap Add a rule and choose Banked time.

3. Bank: choose All overtime, Time and a half only or Double time only. If you bank only one kind, the other is paid on your cheque as usual.

4. Banked at:

   • The rate earned: an hour at time and a half banks 1.5 hours, and an hour at double time banks 2.

   • A set rate: every hour banks at the rate you enter in Every hour banks.

1. Bank limit: the most hours your bank can hold. Leave it blank for no limit.

2. Bank overtime from:

   • Every shift: all your overtime is banked.

   • Shifts I choose: only shifts you mark. The switch Bank the overtime then appears under Shift options on the Clock card and in Edit shift.

1. If your contract pays out unused banked time once a year, turn on Pay out what's left once a year and choose the month and day.

2. Tap Add, go back, and tap Save on the job.

Suggested image: the Banked time rule.

Example

A 12-hour day at $39.51, with overtime at 1.5× after 8 hours and 2× after 10, banking all overtime at the rate earned:

• 2 hours at time and a half bank 3 hours.

• 2 hours at double time bank 4 hours.

• In all, 7 hours go into your bank.

Your cheque pays the 8 regular hours, $316.08. The overtime is in your bank.

Seeing your bank

On the Pay screen, the Banked time card appears once you've banked some overtime. It shows:

• What you banked, split into From time and a half and From double time, and the total.

• What you've claimed: Taken as time off and Paid out.

• Your Balance, against your limit if you set one.

• The date unpaid banked time pays out, if you set one.

The card is on the Pay period, Month and Year views. On the day screen, the Paid table shows Overtime banked with the hours.

Using your banked time

1. On the Banked time card, tap Claim banked time.

2. Choose Time off or Pay out.

   • Time off: choose the First day off and Last day off, and the Hours each day. Turn on Skip Saturdays and Sundays if needed.

   • Pay out: choose the cheque under Paid on the cheque of, and the Hours.

1. Tap Save.

The hours are paid at your regular rate on that cheque, with tax, CPP and EI as usual, and your balance goes down. On the Pay screen they show as Banked time paid.

To see or delete a claim, tap Taken as time off or Paid out on the card, then swipe left on the claim. Its hours go back into your balance.

Good to know

• The bank limit is checked one pay period at a time.

• Banked hours aren't paid when you work them, so they don't add to that cheque's gross pay or tax.

• Estimates only. Not legal advice. Check your collective agreement.