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Hard to figure out. So if you start a job in March and it states 10 days of vacation, pro-rated your first year of employment. How is that figured? Will I have acquired vacation time by June? I was told we are paid bi monthly.
Depends on the employer. Where I work we have Paid Time Off (PTO) Vacation, holidays, sick time are all in one pot. New hires till 5 years get 2 weeks of vacation, 7 holidays, and 48 hours of sick time. Five to 10 years employees get an extra week of vacation time added in. I have been here over 21 years and end up with 280 hours of time I can use. We can also sell up to 80 hours of time a year back if we choose. We also can max out on our time if we don't use it. The max for me is 640 hours of PTO and 300 hours of Vacation bonus time. Vacation bonus is paid to long term employees. They don't offer it anymore. As long as I am here I can continue to get the time.
A couple years ago we had a Pharmacist retire. He was making over $200,000 a year. He saved both his PTO and Vacation bonus up. He had the max at 940 hours of time. What he did was purchased his dream car with the money. He shows up one day with a gold Mercedes 2 seater. He had picked a special color, edition, everything. Said it was the Gold watch he would never get.
After that, I told my wife, I am going to max out my PTO and Vacation bonus. Not so much to buy a Mercedes but to have that cushion. Next year I should have the PTO maxed out. After that I will be forced to take time off. The Vacation Bonus is a little harder to max out. They only give us 16 hours a year. (Used to give us 24 hours a year.)
Yep... I have never found any two employers to be identical...
We have PTO and it caps at 288 which is 26 weeks times the max accrual rate of 11.07 per pay period. With any given paycheck the amount of hours accrued/earned is stated.
The cap is something new and everyone was paid out when it started 3 years ago... I had 423 hours vacation time but lost the max 480 hours sick time... poof and it was gone... some managers took all 480 hours sick time and on the day they were due back called in to retire... 3 of the 5 Department Heads did this... I did not.
Work just called and asked me to come in... when I said it would be overtime as I only have 1.5 hours left of straight time this pay period there was silence...
It does get old giving away/foregoing vacation time because time off request are not granted due to staffing needs of the Hospital...
Am I dumb for not understanding this vacation info?
From the date of hire and during the first four years of employment, you earn ten (10) days of vacation annually. Your first year is pro-rated based on your start date.
Example: Your start date is March 1, 2017, you are entitled to 8 days of vacation your first year. (10 days is prorated by the number of months that you worked).
On your fifth year anniversary date, you are entitled to fifteen (15) days of vacation. Your fifth year is prorated based on your anniversary date.
Example: Date of Hire is May 10, 2017; you will have earned 13 days of vacation in your fifth year.
• January to May your earned 4 vacation days (10 days is prorated by the number of months
you qualified for 10 days).
• June to December you earned 9 vacation days (15 days is prorated by the number of months
you qualified for 15 days).
So if I start in March I only have 8 days until next March? So I loose 2 days since I didn’t start in January?
So I only have 8 days the first year and by next March I have 10?
That's how I read it.
You accrue eight days between today, March 12, 2019 and March 12, 2020. It appears that they assign vacation days by calendar year but count them by anniversary date.
So I only have 8 days the first year and by next March I have 10?
I don’t understand the 5 year examples.
It sounds like vacation days are earned per calendar year.
From my understanding, you'd earn 8 days between March 2019 and December 2019. Then between January 2020 through December 2020, you'd earn 10 days.
Your fifth year anniversary would be March 2024, at which point you'd begin earning at a rate to equal 15 days per calendar year. But because that fifth year wouldn't be a complete calendar year, they're prorating it. You would begin earning the full fifteen days in January 2025.
Some things that would be good to know:
Are vacation days "use it or lose it" or can you roll them over from one year to next?
Is there a maximum number of vacation days you can have banked?
When you can start using those days? For instance, my employee handbook states: "Leave is available in full on the contract start date per the approval of the supervisor of that employee." Or do you have to accrue them before you can use them?
And NBP has a good point about looking at it - you're not losing vacation days, you just didn't earn them because of your start date.
By "year", they are referring to the calendar year.
You basically earn 6.66 hours a month of vacation between years 1-5. And it's prorated the first year based on when you were actually hired.
Based on their example - if you start March 1, that means that first year, you actually worked 10 months (Mar-Dec). 6.66 * 10 = 66.6, which is about 8 days.
Quote:
Originally Posted by Adriank7
So I only have 8 days the first year and by next March I have 10?
I don’t understand the 5 year examples.
You'll have accrued 8 days at the end of December if you started in March. By the following March - you'll have accrued around 10 total.
On that 5th year, you start earning 15 vacation days. Which is 10 hours a month. However, this is also prorated. Thus, in their 2nd example, they're using May 10 as the start date. So - Jan-May, you earned the old rate of 6.66 hours a month for a total of about 33 hours, or 4 days. From June to December, you are now earning 10 hours a month, so 70 hours, or about 9 days. This totals to 13 days.
I think the way they picked the dates in their examples makes it confusing.
By "year", they are referring to the calendar year.
You basically earn 6.66 hours a month of vacation between years 1-5. And it's prorated the first year based on when you were actually hired.
Based on their example - if you start March 1, that means that first year, you actually worked 10 months (Mar-Dec). 6.66 * 10 = 66.6, which is about 8 days.
You'll have accrued 8 days at the end of December if you started in March. By the following March - you'll have accrued around 10 total.
On that 5th year, you start earning 15 vacation days. Which is 10 hours a month. However, this is also prorated. Thus, in their 2nd example, they're using May 10 as the start date. So - Jan-May, you earned the old rate of 6.66 hours a month for a total of about 33 hours, or 4 days. From June to December, you are now earning 10 hours a month, so 70 hours, or about 9 days. This totals to 13 days.
I think the way they picked the dates in their examples makes it confusing.
I agree. It would have been much simpler to say:
Employees accrue 6.66 hours of PTO per month when they start employment. Upon their fifth anniversary, accrued PTO increases to 10 hours per month.
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Am I dumb for not understanding this vacation info?
