Compensatory or Equivalent Time.
Employees may be granted time off with pay rather than receiving overtime pay. All hours granted as time off with pay for hours worked in excess of forty (40) hours per week or eight (8) hours per day are to be considered as compensatory time and scheduled as one and one half (1«) hours for each overtime hour worked. However, at the
request or concurrence of an employee, equivalent time off can be scheduled as straight time (hour for hour) for hours worked within a scheduled forty hour work week.