Paid time off refers to planned time away from your job where you still receive pay. Your employee handbook or contract will outline how many hours you have and how this time is earned.
Each company’s offers may vary, but several situations warrant you getting paid for taking time off work. That may include:
– Federal Holidays
– Vacation
– Sick Time
– Medical Leave
– Jury Duty
Your vacation time is the number of PTO hours or days you can take off from your regular work schedule. Companies usually try to offer paid and unpaid vacation time to their employees.
PTO and vacation time are often used interchangeably but are two different types of time off that your employer can offer. What you receive depends on the structure of the company.
They may have an all-inclusive PTO policy where you get a bank of hours to use as needed, or they may allocate a set number of hours to use specifically for things like vacation, sick leave, etc.
Unlimited PTO is another benefit that some employers have started to offer. This trust-based structure allows people to take time off when they need it.
Taking time off reduces stress and increases productivity and creativity, which can improve your chances of getting a raise or bonus, according to a 2016 study by Project: Time Off.
Some companies will allow you to carry over all of your time, while others will limit this to a certain number of days per year. You would forfeit anything else.
Employers can also reap the benefits of giving their staff paid time off.
When it comes to hiring, job seekers want to work somewhere to grow their skills and achieve their professional goals.