Compensatory Time-Off Plan (also, “Time Off In Lieu”)

[kəmˈpɛnsəˌtɔri | taɪm | ɔf | plæn | ˈɔːlsəʊ | tʌɪm | ɪn | ljuː]
Definition:

The concept of time off in lieu (TOIL) is an alternative to paying overtime for work done in addition to regular hours. For example, a worker contracted to do 8 hours in a day may be required to work an extra 3 hours.

Rather than paying overtime rates, the business may offer the employee to have 3 hours off on another day while still getting paid for the full day. This a good thing to practice as an organisation; this is because the employee will be rest assured that the extra hours they are working are taken into consideration by the employer, therefore it will encourage to do more.

Part of speech:
noun
Use in a sentence:
An alternative to paying overtime for work done in addition to regular hours, is referred to as compensatory time-off plan.
Compensatory Time-Off Plan (also, “Time Off In Lieu”)