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Explanation: Based on the given context, I would say this has more to do with time off in lieu. Example: "Flexible working hours, flexi-time, time off in lieu (TOIL). A flexitime policy allows employees to choose their own working hours within certain limits.
There is a core time during each day when all employees must be working, normally the busiest part of the day from 10am until around 3.30pm. Outside of the core time employees can decide at what time they wish to start or finish, as long as they work the required number of hours per week. A small excess of time worked may be carried forward and taken as TOIL at a later date.". This term is also mentioned in the reference supplied by Michele (supplied again here).