PTO Payout Clause Samples

The PTO Payout clause defines how accrued but unused paid time off (PTO) is compensated to an employee upon termination of employment. Typically, this clause outlines the conditions under which PTO will be paid out, such as whether it applies to voluntary or involuntary terminations, and may specify any limitations or exceptions, like minimum service requirements or caps on the amount paid. Its core practical function is to ensure clarity and fairness regarding the treatment of unused PTO, preventing disputes between employers and employees at the end of employment.
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PTO Payout. Employees who resign and give 14 days’ notice shall be entitled to payment of all unused PTO hours, provided they have at least six months of continuous service. Employees who resign with less than 14 days of notice or who are terminated for cause shall not be entitled to payment of unused PTO hours upon termination. After one (1) year of continuous employment, employees will receive payment for fifty percent (50%) of unused, available PTO hours upon termination of employment.
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PTO Payout. An employee may cash out up to a maximum of 80 hours annually of accrued but unused PTO during June and/or December of each year, by notifying the County’s Human Resources Department in writing (or by e-mail) no later than the end of pay period 12 for a June payout and pay period 24 for a December payout. Such pay shall be at the employee’s straight time regular rate of pay at that time. Employees may elect to transfer such amounts into a County 401(k) or 457 account.
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PTO Payout. An employee may be eligible for payment of unused accrued PTO, up to a maximum of 120 hours (pro-rated based on budgeted hours), upon termination or employment or transfer to a position that is not eligible for PTO.
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PTO Payout. Accrued PTO in excess of the collective bargaining agreement schedule will be paid off at the time of transfer.
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PTO Payout. All PTO shall be paid out at the regular rate of pay. Should an employee leave the Company for any reason prior to using their accrued PTO, employees shall be paid on the basis of accumulated hours.
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Related to PTO Payout

  • Vacation Payout Where an employee requests in writing to have a specific number of vacation days paid out, and the Employer agrees to the request, the Employer will issue pay in lieu of vacation. Pay in lieu of vacation, if agreed, will be granted only after a minimum of 15 days' vacation time has already been taken in the year.

  • Cash and Incentive Compensation (a) All payments referenced in this Agreement are subject to applicable tax withholdings and authorized or required deductions.

  • Sick Leave Payout No cash payment for unused sick leave will be paid to any employee leaving the service of the Employer.

  • Recovery of Bonus and Incentive Compensation Any bonus and incentive compensation paid to you during a CPP Covered Period is subject to recovery or “clawback” by the Company if the payments were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria.

  • Performance Pay In accordance with Section 8 of the General Appropriations Act for Fiscal Year 2020-2021, contingent upon the availability of funds and at the Agency Head’s discretion, each agency is authorized to grant merit pay increases based on the employee’s exemplary performance, as evidenced by a performance evaluation conducted pursuant to Rule 60L-35, Florida Administrative Code.