Banked Hours Accrued and Banked Hours Taken

Banked Hours Accrued

*Banked Hours refers to a type of arrangement that allows (or requires) employees to accrue overtime which can be taken as Leave at a later stage. For example, an employee works 38 hours normal time and 5 hours overtime. The employee chooses to accrue 5 hours Banked Hours instead of receiving payment for overtime hours.

All payments made using this type will increase the Employees Banked Hours / RDO’s Balance based on the amount entered during the pay run. Any banked hours using this type are not applicable for payment until Banked Hours Taken is used during a pay run.

Banked Hours Taken

All payments made using this type will reduce he Employees Banked Hours / RDO’s Balance based on the amount entered during the pay run. Banked Hours Taken will use the rate which has been predefined in the employees Award & Agreement, Special Award Rate or Advanced Pay Set Up unless Calculate Base Rate on Advanced Pay Settings is selected and will be taxed at the marginal rate (same tax rate as their NORMAL Pay).