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.
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 email@example.com if you have questions.