88.—(1) Every employee shall be entitled to a paid holiday at his gross rate of pay on such of the days specified in the Schedule to the Holidays Act (Cap. 126) as fall during the time that he is employed, subject to the following:
(a)
by agreement between the employer and the employee any other day or days may be substituted for any one or more of the days specified in that Schedule;
(b)
if any of the days specified in that Schedule falls on a rest day, the working day next following that rest day shall be a paid holiday; and
(c)
if any of the days specified in that Schedule falls on a day when the employee is not required to work under his contract of service, the employer may either pay the employee for that holiday at his gross rate of pay or give the employee a day off in substitution for that holiday.