PURCHASED PTO POLICY?

pattyo

Does anyone have a policy that allows employees to purchase or buy additional time off in addition to their PTO policy? If so, is it purchased at a pretax cost?

ALSO, how many hours per week do employees work to earn their Paid Time Off each month?

ritaanz

Your question sounds interesting but I do not understand what you are asking. Can you give more details? Purchase/buy from where? How?

pattyo

Right now, employees receive 15 days PTO (vacation, sick, personal). I want to put something together where they can buy additional vacation days but not sure how to put it together. Limited days they can purchase? Use the pre-tax amount or post-tax?

I'd like to know how many hours per week your employees work for the amount of PTO given?
(i.e. - 40 hrs week - 15 PTO days per year - or 37.5 hrs - 12 PTO days per yr.) This is to get an idea of what other companies are providing as a benefit.

goneal

We have a PTO accrual program whereby F/T employees (32 hrs per wk) can earn their PTO based on # hrs worked per pay period multiplied by the accrual percentage assigned for their length of tenure. For ex.,

1st yr = .0462 per hr (earns approx 12 days per/yr
2-4 yrs =.0808 per hr (earns approx 21 days per/yr
5+ yrs = .0962 per hr (earns 25 per yr)

They begin earning at DOH but can't access or use until 90 day runs. After accruing a surplus number (which you could decide was adequate) they can "sell" back the overage at pay date time.

It seems to work well for us. Gives the EE freedom to manage their "bank". These totals are based on an 80/hr pay period. They can use the days however they wish as long as they get the proper authorization for their "time off".
At year-end, the balance "rolls over" up to a max of 240 hours.

Hope this helps. Not sure how these would be considered "pre-taxable" but??????

Good luck.

Elizabetharess

I am researching something that might be close to what you are looking for. A friend has this at her office.
They shave off 30 minutes from their lunch hour or come in early and then they accrue an extra day off in each month. So every month each employee may elect to have a three day weekend. I am trying to get this in our company.
In this case the person is paid for the full day so of course its the usual taxes.
I am not quite sure why anyone would buy PTO. Why not just dock them? That would be the "six of one, half a dozen to the other" wouldn't it?