Common use of Cash Out of Vacation Clause in Contracts

Cash Out of Vacation. Employees who have completed one year of service may elect to receive up to 40 Vacation hours each year in cash in lieu of time off following their one-year anniversary. Employees with six plus years of continuous service may elect to receive up to 80 Vacation hours each year in cash in lieu of time off. Such election is limited to once per calendar year and must be submitted in writing at least 30 days prior to receiving payment. The ability to use Vacation or PTO hours to supplement lost hours (due to low census, e.g.) shall not be limited.

Cash Out of Vacation. ‌ Employees who have completed one year of service may elect to receive up to 40 Vacation hours each year in cash in lieu of time off following their one-year anniversary. Employees with six plus years of continuous service may elect to receive up to 80 Vacation hours each year in cash in lieu of time off. Such election is limited to once per calendar year and must be submitted in writing at least 30 days prior to receiving payment. The ability to use Vacation or PTO hours to supplement lost hours (due to low census, e.g.) shall not be limited.

Cash Out of Vacation. Employees who have completed one year of service may elect to receive up to 40 Vacation hours each year in cash in lieu of time off following their one-year anniversary. Employees with six plus years of continuous service may elect to receive up to 80 Vacation hours each year in cash in lieu of time off. Such election is limited to once per calendar year and must be submitted in writing at least 30 days prior to receiving payment. The ability to use Vacation or PTO hours to supplement lost hours (due to low census, e.g.) shall not be limited.