Time Off In Lieu (Cashed Out) is applicable when there is a written agreement to allow overtime worked to be banked as Time Off In Lieu, allowing the Payee to take paid time off instead of being paid overtime pay.
For example, under the following Awards, the Payee and the Payer may agree in writing for the Payee to take time off instead of being paid for a particular amount of overtime that has been worked;
- Real Estate Industry Award 2020.
- Horse and Greyhound Training Award 2020 [MA000008].
- Racing Industry Ground Maintenance Award 2020 [MA000014].
Time Off In Lieu (Cashed Out) uses the Rate Per Hour set in the Payee Master File multiplied by 1.5 (150.00%) and Leave Entitlements are not applicable. Payments with this pay type are considered to be Salary & Wages and Taxable, however, they are not Ordinary Time Earnings (OTE).