Leave Sell-Back Sample Clauses
A Leave Sell-Back clause allows employees to convert unused accrued leave, such as vacation or paid time off, into cash compensation. Typically, this clause outlines the conditions under which employees can request a payout, such as minimum leave balances or specific periods during the year when sell-back is permitted. Its core practical function is to provide flexibility for employees who prefer additional income over time off, while also helping employers manage leave liabilities on their balance sheets.
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Leave Sell-Back. For purposes of Annual Sick Leave Sell-Back/Conversion (Section 9.1.5), Management Leave Sell-Back (Section 9.12) and Vacation Sell-Back (Section 10.6), including any pre- requisites for such sell-back, for a permanent part-time represented employee, a “day’ shall be calculated as a pro-rata number of hours according to the time worked in relation to the normal workweek for the full-time class.
Leave Sell-Back. Each full-time employee covered by this MOU may sell back leave from the Employee Leave Bank at his or her current rate of pay up to two (2) times per calendar year, up to eighty (80) hours total in that calendar year; provided that there is at least eighty (80) hours remaining after such sell back.
Leave Sell-Back. Employees may elect to exchange annual leave for pay, subject to the following conditions:
1. The amount and timing of the exchange of annual leave shall be determined by the City Manager.
2. To be eligible to exchange annual leave for pay, the employee must have taken the equivalent of at least two week’s vacation during the twelve (12) month period immediately preceding the exchange.
3. Exchange privileges apply only to accrued annual leave.
4. The employee’s accrued annual leave balance must be forty (40) hours or more at the time of completion of the exchange.