Do you offer Payouts on PTO?

kmaries

[font size="1" color="#FF0000"]LAST EDITED ON 10-18-02 AT 02:05PM (CST)[/font][p]I posted this question in the Wage section, but I thought maybe to try it here as well.

The company that I work for currently has a provision in the PTO policy allowing a "Hardship" payout once per year. However, the employee can not cashout more then half of the balance they have available. For instance, an employee has 100 hours banked, they can only withdraw 50.

Can anyone give me some advise has to what their payout programs allow? Mainly, what frequency do you allow payouts? Do you have to have a "hardship" or can you cash out at anytime? What amounts (of hours) do you allow - minimum or maximum? Do you require so much of a the hour balance to remain? What qualifies the individual to get the payout? And lastly, how does your process work?

Any help would be much appreciated!

Anita

We allow our employees to cash out all but 1 week of vacation per year. Every employee must take at least one week off for vacation per year. The employee can fill out a cashout request anytime.

NaeNae55

We do not allow payouts of PTO, except in case of termination. In the past, however, I worked for a company who allowed payouts for managers. The managers could receive a payout for vacation time at any time during the year. There were 2 conditions. The payout had to go in 40 hour increments, and the manager had to give finance sufficient warning to help with cash flow. The amount of time was looked at on a case by case basis, rather than a set timeframe.

Sandy

We do allow employees to "cash out" pto, here is what we have in our benefit manual.

Employees who have rendered in excess of 5 years service may "cash out" up to 40 hours of PTO per year and those employees who have rendered in excess of 10 years may "cash out" a second 40 hours of PTO at any time but in either event, 40+ hours must be left in bank.

The determination of time was used since at both 5 years and 10 years, employees can earn an additional week of vacation for the year.