My preference is to provide holiday pay for the normally scheduled hours that are missed when the company is closed. However, some companies may not like this because one group of employees gets more holiday pay than another. I addressed this by creating a spreadsheet to show the differences in holiday pay paying for normally scheduled hours vs giving 8 hours for everyone on the same holiday. Two previous companies went two different directions- one paid 8 hours for everyone on the same standard holiday schedule and one paid for regularly scheduled hours worked because the difference wasn't significant. PTO was handled the same for both groups - total number of hours to cover your normally scheduled shift.

We also have a variety of schedules.  Our "policy" is if you "normally" work that day of a week when a holiday falls on that day, you get paid the holiday.  As for PTO hours we use if you work 10 hour days you take PTO in 10 hour increments and the same for 8 for 8.  We believe no one should be paid more or less then they would be "normally" and they should not have an "advantage" of taking less PTO to use more days off.