Banked Hours

Banked Hours - (adjective + noun)

Definition

Banked hours’ is also known as ‘time off in lieu’. It refers to the hours that an employee works over his/her contracted hours (overtime). However, instead of receiving overtime pay for these hours these hours are ‘banked’, and can be taken as leave in the future at a time agreed between the employee and employer.

Extra

Source: Adapted from Replicon
Example of Use: Tom built up 48 hours of banked hours over the summer months. He agreed with his employer to take these as extra holiday leave.