Cash Payment in Lieu of Vacation Time Off Sample Clauses

The 'Cash Payment in Lieu of Vacation Time Off' clause allows employees to receive monetary compensation instead of taking accrued vacation days. Typically, this clause outlines the conditions under which an employee can opt for a cash payout, such as reaching a certain threshold of unused vacation or upon termination of employment. Its core function is to provide flexibility for both employers and employees by offering an alternative to time off, ensuring employees are compensated for earned benefits they do not use.
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Cash Payment in Lieu of Vacation Time Off. For the purposes of reducing excess vacation accrual, employees may elect to receive compensation (“cash-out”), annually, for a maximum of 40 hours of accrued vacation each year, so long as eighty (80) hours of accrued vacation remain for the benefit of the employee after the cash-out is taken. This election must be made in writing no later than December 31 of the calendar year prior to when the cash-out is scheduled to occur. By way of illustration, employees seeking a cash-out in calendar year 2016 must submit their cash-out election by December 31, 2015. This compensation shall occur on the first full pay period in August following submission of the irrevocable election form (See Attachment D). No exceptions will be made to this policy. If the non-revocable election is not made by December 31, there will be no other opportunity to cash-out vacation accruals until/unless the non-revocable election is made by the employee on or before December 31 of the following year.
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Cash Payment in Lieu of Vacation Time Off. For the purposes of reducing excess vacation accrual, employees may elect to receive compensation (“cash-out”), annually, for a maximum of 40 hours of accrued vacation each year, so long as two workweeks of accrued vacation remain for the benefit of the employee after the cash- out is taken. This election must be made in writing no later than December 31 of the calendar year prior to when the cash-out is scheduled to occur. By way of illustration, employees seeking a cash-out in calendar year 2016 must submit their cash-out election by December 31, 2015. This compensation shall occur on the last payday occurring in April following submission of the irrevocable election form (See Attachment G). No exceptions will be made to this policy. If the non-
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Cash Payment in Lieu of Vacation Time Off. Upon request of the Chief of Police and with the approval of the City Manager, in order to meet unusual or emergency conditions, an employee may be paid the straight-time daily equivalent in lieu of vacation time off. Such payment shall be for no more than forty hours in any one calendar year except upon appeal to and approval of the Personnel Board. Such payments shall be made in a separate check and shall not be included in the employee’s regular paycheck.
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Related to Cash Payment in Lieu of Vacation Time Off

  • Vacation; Paid Time Off During the Employment Term, the Executive shall be entitled to fifteen (15) paid vacation days per calendar year (prorated for partial years) in accordance with the Company’s vacation policies, as in effect from time to time that is at least as favorable as that provided to other similarly situated executives of the Company. The Executive shall receive other paid time-off in accordance with the Company’s policies for executive officers as such policies may exist from time to time.

  • Compensatory Time Off Utilization of compensatory time off shall be by mutual agreement between the department head and the employee. The smallest increment of compensatory time which may be taken off is six (6) minutes.

  • Vacation Bonus Employees shall receive one day's base pay (or adjusted earnings) for each year of service beyond twenty-five (25) years, to a maximum of ten (10) days’ pay.

  • Vacation Buy Back Employees shall have the option of requesting pay in lieu of time off up to a maximum of 144 hours of vacation time each year, during each year of the contract in increments of eight (8) hrs. Such requests are subject to the approval of the department head and the availability of funds.

  • Accrued Salary and Paid Time Off On the Separation Date, the Company will pay you all accrued salary, and all accrued and unused vacation earned through the Separation Date, subject to standard payroll deductions and withholdings. You are entitled to these payments by law.