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PTO
Benefits & Compensation
PTO
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
My firm would like to institute the use of PTO (in lieu of vacation/sick/personal days). Would appreciate any suggestions, sample policies, pitfalls.
thanks,
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Forums » Topic Forums » Benefits & Compensation » PTO
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PTO
posted at 9/19/2000 9:13 AM EDT
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Posts: 5
First: 9/18/2000 Last: 9/21/2000 |
Here's a PTO policy we recently implemented with one of our clients:
Paid time off (PTO) benefits provide time off for vacation, sick leave, holidays, funeral attendance, voting and other personal affairs. All full-time employees are eligible to receive PTO. PTO is calculated on an anniversary year basis and accrues at a monthly rate of 1.67 days per month to a maximum of 20 days per anniversary year. Employees must receive approval from upper management prior to taking PTO. PTO does not carryover to the next anniversary year and is not paid out upon termination. Employees will use PTO for Company-recognized holidays which include New Years Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Day after Thanksgiving Day, Christmas Eve and Christmas Day. |
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PTO
posted at 9/25/2000 8:46 AM EDT
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Posts: 1
First: 9/25/2000 Last: 9/25/2000 |
Our company uses a PTO policy a bit different from the first response. Hope it helps.
"Paid Time Off (PTO) is an all-purpose time off policy to use for vacation, illness or injury, and personal business. It combines traditional vacation and sick leave plans into one flexible, paid time off policy. Upon eligibility, Full-Time employees are entitled to 15 Paid Time Off (PTO) days (120 hours) each year, accrued incrementally each pay period (biweekly). Part-Time employees are entitled to 7 Paid Time Off (PTO) days (56 hours) each year, accrued incrementally each pay period (biweekly). Military leave is not deducted from available Paid Time Off (PTO) days. Paid Time Off (PTO) can be used in minimum increments of one-half hour and is paid at the employee's hourly equivalent (straight-time) rate at the time of absence. It does not include overtime or any special forms of compensation. To request Paid Time Off (PTO), employees must submit an Authorization Form to their manager for approval no later than two (2) weeks prior to the scheduled absence. If a recognized holiday falls during an employee's Paid Time Off (PTO) absence, holiday pay will be applied instead of the Paid Time Off (PTO) benefit. Employees may carry unused Paid Time Off (PTO) balances forward into subsequent calendar years. Once the sum of the unused Paid Time Off (PTO) equals 30 days (240 hours), Paid Time Off (PTO) accrual will stop. Employees may choose to cash-in accrued Paid Time Off (PTO) in 5-day increments (40 hours). The cash-in option can be exercised two times a year. Once the available amount of PTO is below 30 days (240 hours), Paid Time Off (PTO) accrual will resume. Note that if the PTO balance equals zero, and a Paid Time Off (PTO) need arises, any time off will be unpaid. Upon termination of employment, employees will be paid for unused Paid Time Off (PTO) balances that have accrued through the last day of work." |
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