Paid Out Vacation

[Jry_79]

Hey guys,

Don't know if there is an internal policy within your own companies regarding paying out vacation in lieu of actually using the vacation time.

I read on the net only a few provinces can do this with the proper authority, one of them that cannot is Alberta.

I have approx 6-7 weeks vacation which includes a week of bank time in the whole mix, wanted to purchase a large ticket item and cash out 80-90% of the vacation time.

Anyways going to ask the Admin dept, if they can do this?

Your thoughts

[GOnSHO]

i dont believe this can be paid out..

it cannot be done at my company

[Mitsu3000gt]

My company will do it. How is it any different than getting a bonus or something? They just cut you a cheque, they can put whatever label on it that they want to.

[Penis McNickels]

I got two weeks paid out recently at my company...

I just had to get my department chief to send an email to payroll granting permission for me to do this.

[KappaSigma]

Keep in mind you will be taxed.

[ExtraSlow]

My company won't do it, and I doubt anyone will pay out banked time.

[theken]

Why would a company not pay out banked time?? Makes no sense.

[Kloubek]

My company will not. In fact, they *claim* if you don't use it, you might lose it too. But I'm pretty sure they aren't allowed to do that.

The only time I expect to be paid out is when I leave the company.

[KappaSigma]

Originally posted by theken
Why would a company not pay out banked time?? Makes no sense.

Cash flow.

[boosted_Z]

Some will pay it, some wont't - depends on the company.

They say they won't to discourage people building up crazy amounts of banked time, but will pay out some to keep employees happy.

Imagine if you got to the end of November and had 4 weeks banked time. How many companies will let you take December off and pay you to do it? Probably not many, so they pay it out.

[BrknFngrs]

Our company does it as well if you request it. It's unwise for a company to let you stockpile banked OT since it creates a huge cost for them if you leave/you're let go since it will be paid out at time and a half; compared to it being paid out at straight time if you request it at most places.

edit: I just did a quick search and I can't for the life of me find anything that says that they can get away with only paying you straight time if you request to be paid out but I know that's what we do.

[npham]

I believe that after 3 months, a company is required to pay out banked time at 1.5x. However, I do not believe that any company is required to pay out vacation time if asked

[KLCC]

Actually my company does it too, it was indicated in the corporate policy. Since vacation can't be carried forward. If you don't use it, you'll be able to ask for a payout.

[ercchry]

my company pays out banked time at 40 hours, and since you can not carry over more than 2 weeks holidays a year here i would assume that anything over 2 weeks vacation would be paid out every year too

[sabad66]

Depends on the company. I know mine won't pay out, and in fact won't even let you carry over more than a week to the next year. If you don't use it, you lose it.

It was different when I was an intern, though.. they did pay you out for unused vacation time when your work term was finished.

[ercchry]

Originally posted by sabad66
Depends on the company. I know mine won't pay out, and in fact won't even let you carry over more than a week to the next year. If you don't use it, you lose it.

It was different when I was an intern, though.. they did pay you out for unused vacation time when your work term was finished.

you should probably slap whoever is in charge of HR in the face with a print out of this...

http://employment.alberta.ca/SFW/1471.html

EDIT: rereading it i found nothing about "if you dont use it you lose it" but it also makes mention of having to take vacation and getting paid for it...

[sabad66]

Originally posted by ercchry


you should probably slap whoever is in charge of HR in the face with a print out of this...

http://employment.alberta.ca/SFW/1471.html
Read the whole thing, not sure what I'm looking for? They still give you the time off (3 weeks per year), but if you choose to work and decide not to use your days, that's your own problem. If you only use 2 out of 3, they'll let you carry over that unused week to the next to make it a total of 4 weeks for the next. I can assure you that HR of my company of over 100,000 people worldwide would not be breaking any vacation rules lol.

[lint]

Originally posted by ercchry


you should probably slap whoever is in charge of HR in the face with a print out of this...

http://employment.alberta.ca/SFW/1471.html

Where does it say that vacation MUST be paid out by the employer if the employee doesn't take it? The only absolute is your vacation must be paid out if you leave the company.

[ercchry]

EDIT:^^ yes exactly... if you dont use it you lose it should not be the case then right?


Originally posted by sabad66

Read the whole thing, not sure what I'm looking for? They still give you the time off (3 weeks per year), but if you choose to work and decide not to use your days, that's your own problem. If you only use 2 out of 3, they'll let you carry over that unused week to the next to make it a total of 4 weeks for the next.

yeah i edited after... but im still pretty confidant that you can not just lose it... i think if you ever left the company they would have to pay you out for unused vacation... :dunno:

[sabad66]

Originally posted by ercchry


yeah i edited after... but im still pretty confidant that you can not just lose it... i think if you ever left the company they would have to pay you out for unused vacation... :dunno:
Yeah maybe if you leave the company, but you can't honestly expect a company to just allow you to take (for example) 20 weeks of vacation that you've saved up over the last 10 years. It's also a way to make sure your employees are happy and rested... They'll definitely use their days off if they know they'll lose them.

[ercchry]

Originally posted by sabad66

Yeah maybe if you leave the company, but you can't honestly expect a company to just allow you to take (for example) 20 weeks of vacation that you've saved up over the last 10 years. It's also a way to make sure your employees are happy and rested... They'll definitely use their days off if they know they'll lose them.

i would hate to meet the person that went 10 years with no vacation :rofl:

but yeah we changed our rules to avoid that, but there are some people that had already racked up a ton of vacation days before the change and they did not lose those days... but im pretty confidant that our company pays you out for those extra vacation days.. which make sense since it would be better to pay out a little at a time instead of a huge pay out if that person left the company years later

[Jry_79]

Good info everyone, anyways requested 4 weeks to be paid out and admin/accounting dept had no issues, they did however show me the taxes that will be deducted from the total... Ouch... :cry: