Quote:
Originally Posted by itom 987
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Do you collect interest on your banked overtime hours?
The company I work for had a work/hour bank program but didn't collect any interest and was a way for the company to avoid paying employees overtime. I instructed the accountant to keep me out of it. The Alberta government stopped companies from providing this option about a year ago I believe. I am payed to work by the hour, and whenever I go on vacation I make sure I have enough in the bank to pay for it.
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My boss explained it to me this way: my overtime can earn interest for me, or it can earn interest for him.
So I take my full paycheque, not banking any hours, including vacation pay (paid out bi-weekly as a 6% add-on to my wages, so I get paid for my vacation whether I take it or not), and it earns interest for me.