Purchasing additional PTO
Does anyone offer a program to allow employees to purchase additional paid time off and deduct it from their pay over the course of the year? Possibly offering this during open enrollment?
I would love to hear feedback on similar successful programs and how they have worked for you.
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I just had someone ask me
about this today and then saw your post. Would love to connect and share information.
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Angie Gerber Feel free to call me, 513-367-8651 if you want to discuss.
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We offer a program to allow employees to buy up to two weeks of additional vacation time . Here is the basic policy.
The plan is designed to give employees the option of increasing their time away from work by buying additional vacation time. BAVT must be used from January 1 through November 30. Any unused dollars will be refunded to each employee on an after tax basis during the month of December. BAVT may be used in daily increments only.
All employees except for temporary or seasonal employees are eligible to purchase BAVT. The enrollment is in December for the following calendar year. Employees may buy additional vacation time in daily increments to a maximum of two (2) week during each enrollment. The employee’s rate of pay in December is used for enrollment.
Feel free to contact me at lvansant@hubert.com if you have questions.
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Lisa Van Sant
Lisa, we are a manufacturing plant and are looking at the opportunity to purchase additional vacation. If the employee makes the decision in December for the next calendar year, and there is an increase in March does that vacation get paid at the December rate? -
Deb Develski Hi Deb. The BAVT is paid back at the December rate. We do not make any changes in it during the year. So, they might have the time paid back at a lower rate than what they are being paid at that time.
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Lisa Van Sant - Do you allow people to carry over time they have purchased?
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Angie Gerber We do not allow it to carry over. We pay back any amount they haven't used in December. It's sometimes referred to as the Hubert Christmas fund because some people use it that way. 🙂
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