Vacation Sell-Back Program Clause Samples
The Vacation Sell-Back Program clause allows employees to exchange a portion of their accrued but unused vacation time for monetary compensation. Typically, this clause outlines eligibility requirements, such as a minimum balance of vacation hours that must remain after the sell-back, and specifies the process for requesting and receiving payment. Its core practical function is to provide employees with flexibility in how they utilize their earned benefits, while also helping employers manage vacation liabilities on their books.
Vacation Sell-Back Program. On an optional basis employees may elect to sell back a maximum of 120 hours of their accumulated vacation balance. A maximum of three weeks can be sold back at ⅔ of its value in the month of November. Employees who choose this option must maintain a minimum balance of 80 hours of vacation time after November 30.
Vacation Sell-Back Program. In November of each year, an eligible employee may sell back a maximum of 60% of his/her available vacation accrual at ⅔ of its value. This sell-back amount will be paid on the first paycheck in December.
Vacation Sell-Back Program. Employer implemented vacation sell-back program where an employee could sell back to the City up to one-third (1/3) of their accrued vacation leave within a twelve (12) month period (based on a calendar year.)
Vacation Sell-Back Program. Employer implemented vacation sell-back program where an employee could sell back to the City up to one-third (1/3) of their accrued vacation leave within a twelve (12) month period (based on a calendar year.) A ten year employee accrues 13.67 hours per month at 165 hours per year. 165 hours of vacation leave at 1/3 (.333) would equal 55 hours of vacation time payable to the employee at their current hourly rate.
Vacation Sell-Back Program. Employer implemented vacation sell-back program as follows:
1) Employees with an accrued vacation balance of three hundred (300) hours or less have the option to sell back to the City up to one-third (1/3) of their accrued vacation leave within a twelve (12) month period (based on a calendar year) as per the City of Yakima Municipal Code provision in section 2.40.120.
2) Employees with an accrued vacation balance off three hundred and one (301) hours or more have to option to sell back to the City up to one-half (1/2) of their accrued vacation leave within a twelve (12) month period (based on a calendar year.)
Vacation Sell-Back Program. Any employee under this agreement will have the opportunity, after 5 years of service, to sell vacation time back to the city. For those working 24-hour shifts, the maximum number of hours you can sell back to the city is 72 hours. For those working any other shift, the maximum number of hours you can sell-back to the city is 40 hours. Once an employee has 10 or more years of service, the maximum number of hours they are allowed to sell back will increase to 80 hours for those on 40 hour workweeks and 144 hours for those on 24-hour shifts. Per IRS regulations, anyone wishing to sell time back to the city must elect to do so during open enrollment. Following open enrollment the payment will be processed on your normal payroll check and those hours will be deducted from your vacation bank.