About time banks

An employee usually has multiple time banks managed by Umana. Each bank has a number: 1, 2,...

• Vacation bank, • Sick bank, • Overtime bank, etc. Maybe more.

The banks you have depend on your profile and collective agreement. So do the rules for each bank. (In Umana we call the rule applicable to a bank the attendance plan.)

Banks are usually in hours, but the could be instead in days, or simply dollars. Also, a single bank can be hours-and-$ or days-and-$.

• When a bank has both time and $, only the time balance is used to determine if you can take an absence. The dollar balance is used to determine how much you get paid for that absence.

A time bank is like a real (chartered) bank account.

• You make deposits (or the company makes them for you), and you take withdrawals.
• What is left is your current balance.
• You might have a credit margin you can borrow from.
• Sometimes some funds may be on hold. This happens with time banks when your have future absences planned in the current year.

Reference year & "Roll-over"

Every time bank has a reference year.

• Think of the reference year as a bank passbook, and each year you get a new one.

• We call the process of moving to the new year rolling over the bank.

  On roll-over, the balance from the previous year is either carried over or paid out, depending on the rules (the plan).

• The reference year for a bank may start on the same day for all employees, or it might be based on your hire or seniority date. Norms vary by province.

Entitlement

• At the start of the new year you may get your annual entitlement. Alternatively entitlement might be deposited each month or each pay.
• Sometimes entitlement is accumulated each pay for the next year only. You can't take it till the next year, unless you quit.
• Vacation entitlement depends on your seniority (that's the law). Entitlement for other banks may not.

Viewing your banks

To see all your banks, open the My Banks module, or click the bank icon to show them without switching modules.

A summary of all banks is shown first. Click on one to see the details

The same information is shown when you enter an absence which withdraws from a bank, such as vacation.

Details

Summary (top line)

• Bank name
• BALANCE: Your current balance in time, and money if the bank has it.
• AVAILABLE Your balance, excluding future absences planned this (reference) year.

Bank info line

• Plan name : The rule applicable to you
• Current reference year start date

Other details

• CARRIED OVER : A balance carried over from the previous year.
• DEPOSITED time, either as entitlement (earned or given to everyone) or time which you deposited (such as overtime).
• TAKEN time : Your withdrawals (absences from this bank) entered in your time-sheet and payroll.
• PLANNED : absences planned for later this (reference) year, but not yet taken. These reduce your available balance. (Not shown if there are none.) Absences planned for future bank years are not included. Read about how planned absences affect time banks here.

* **ACCRUED** is time you have accumulated so far this year, for use next year. Not all banks use this approach. _(Not shown if there is none.)