PTO Bank
11dls55
8 Posts
We are considering changing from separate vacation and personal days to a Paid Time Off bank. Does anyone have one in place, and if so has it benefited your company? Also, I'm in Ohio and there is a chance that the Healthy Families Act may get on the ballot for November. This would entitled everyone working at least 30 hours per week to get 7 paid sick days per year. Ohio employers, if you have a PTO bank how do you think this will impact it?
Comments
I am not in Ohio, but here is one thing to keep in mind. I was all set to switch from a vacation and sick leave policy to a PTO system until I found out that in my state you have to pay out for all unused PTO at termination. Currently we pay out upon termination for any unused vacation leave but we do not pay out for unused sick leave. My President did not want to pay out for all PTO (as we were combining sick leave and vacation leave time to make up the total number of PTO days an employee got each year), so we did not switch to the PTO system.
Something else I forgot to mention - if you go back through the postings on this BB under Benefits and Leave you will see quite a few different discussions about PTO and PTO banks.
[quote user="IT HR"] I am not in Ohio, but here is one thing to keep in mind. I was all set to switch from a vacation and sick leave policy to a PTO system until I found out that in my state you have to pay out for all unused PTO at termination. Currently we pay out upon termination for any unused vacation leave but we do not pay out for unused sick leave. My President did not want to pay out for all PTO (as we were combining sick leave and vacation leave time to make up the total number of PTO days an employee got each year), so we did not switch to the PTO system.[/quote]
Check and see if you can designate a certain portion to be vacation that is payable and the rest to be miscellaneous other leave forms that you do not. That's the solution I came across when I put our PTO system together. Ultimately, I didn't put that into the handbook because it doesn't affect us (yet) but it's something I'm keeping tabs on.