Holiday and Paid Time Off
Holiday and Paid Time Off Sample Clauses
Related to Holiday and Paid Time Off
Paid Time Off (PTO) Executive shall earn and accrue paid-time-off covering vacation and sick time benefits at the rate of twenty (20) days per year for employment periods of up to five years of service. The PTO accrual rate shall automatically increase by five (5) additional days for each additional 5 years of service up to maximum of thirty (30) days per year after 10 years of service. For example, after five years of service, the annual PTO accrual rate shall increase to twenty-five (25) days. Unused PTO shall carry over to the next year, but Executive shall cease accruing further PTO at any time Executive has accrued two times his annual accrual rate. Unused PTO days which are not in excess of two-times the annual accrual rate shall be paid in a cash lump sum payment promptly after Executive’s termination of employment.
Paid Time Off The Executive shall be entitled to take paid time off in accordance with the Company’s applicable paid time off policy for executives, as may be in effect from time to time.
Time Off The company recognises that sufficient time off to attend to personal matters and for recreation are important to the employee’s wellbeing, job satisfaction and overall productivity. Accordingly, time off may be taken with the consent of the Company, which shall not be unreasonably withheld. In considering the approval to have time off, the Parties will have regard to the current works programme and the urgency of the reason for time off. In the event that time off is to be taken, it will be the employee’s obligation to advise the Company in advance or as soon as practicable on the day of absence, recognising that unplanned absences can cause costly disruption to programmed works and are a major source of annoyance for the company, other employees and clients. The object of offering flexible working hours is that in return employees will take very seriously their obligation to turn up when they are expected. In view of the disruption caused by unplanned and or notified absenteeism, repeated failure to observe the protocol for time off would constitute misconduct.
Holiday Leave Holiday leave provisions shall be as noted below:
