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Vacation
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Vacation
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We are interested in finding out if any companies allow employees to "purchase" an additional week of vacation. What type of system do you use to administer this program?
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Forums » Topic Forums » Work Views » Vacation
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Vacation
posted at 12/18/2001 10:08 AM EST
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Posts: 250
First: 2/5/2001 Last: 1/19/2004 |
My previous employer did this. If you wanted to buy an extra day, for example, you paid for that day over a six month period. So, if you are paid $15/hour, your daily pay would be $120. Take that $120 and divide it by the number of pay periods in a 6 month timeframe (for us it was 12), and you get the paycheck deduction of $10 that comes out of each check in order for that employee to pay for that extra vacation day.
Same is true if you wanted to buy five days, only then the paycheck deduction would be 5 X $120 = $600 divided by 12 = $50 per paycheck. The election period to buy was in December for the following year. Purchased days could not be rolled over to the next year so employees were obviously encouraged to use their purchased days before their regularly earned ones. On the flipside, the company also allowed employees to sell vacation back to the company using the same math. Employees could buy or sell anywhere from 1 to 5 days. I never had the urge to sell my vacation though... |
Forums » Topic Forums » Work Views » Vacation
