PART III HOURS OF WORK — Overtime
25(2)
An employer may compensate an employee for overtime hours by giving one and a half hours of paid time off work for each hour of overtime worked instead of overtime pay where ,
25
(1) Where an employee works in excess of the standard working hours as permitted by this Part, the employer shall pay to the employee the rate of wages for overtime that may be set out in the regulations by prescribed formula, which may differ for different classes of employees in different undertakings or a part of them.
25(a)
the employer and the employee agree to do so; and
25(b)
the paid time off work is taken within 3 months of the work week in which the overtime was earned or, with the employee's agreement, within 12 months of that work week.
25(3)
Where the employment of an employee ends before the paid time off is taken under subsection (2), the employer shall pay the employee overtime pay for the overtime hours that were worked.
Not legal advice. Verify the cited article against the signed agreement.