PTO accrual policy
Our company switched from an anniversary Vacation policy to a PTO accrual policy last March (prior to my employment here). There is no wording in the policy to provide a cap or "life" for the PTO time as it is accruing. I am looking for samples of policies that accrue PTO so I can update our policy to cover that end date or max appropriately.
It wasn't on the radar when COVID hit - for various reasons right after i started working here. However, I need to get this done now. My email address is email@example.com - any samples or recommendations are greatly appreciated!
Hi Kristy. Here is language from a sample policy that might help:
PTO is capped at one and a half (1.5) times the employee's annual PTO allotment. When an employee reaches the cap, no additional PTO leave will accrue until the PTO time used brings the accumulated hours below the cap. Accumulated PTO hours will carry over fiscal year to fiscal year but will always be subject to the aforementioned accumulation maximum.
Hi - here is our language:
For purposes of this policy, the year is interpreted to start on employee's date of hire. Thus, PTO begins to accrue upon date of hire and accrues on a bi-weekly basis. Two full years of accrued hours is the maximum amount of hours that may be accrued. When that point is reached, the employee must take PTO to begin accruing again or take cash in lieu.