Hour Banking allows employees to “bank” hours during peak work periods, then use their excess hours to maintain coverage during slow periods. Hour Banking also makes it possible for employers to account for all hours worked, as well as their corresponding fringes.
Your company will benefit from hour banking if:
• The nature of your work is seasonal
• You have rapid increases or decreases in the number of employees working a job
How Does Hour Bank Accounting Help?
• Employees accumulate hours of work credit for excess hours worked.
• The possibility of ineligibility under traditional programs is eliminated.
• Employees are protected during layoffs and inclement weather.
• Employees can bank 3-6 months of health benefits.
• Employers pay for actual hours worked, ensuring you don’t overpay for benefits.
The Contractors Plan powered by Fringe Benefit Group can provide coverage in both monthly and hourly increments.