Buying Extra Vacation Time
By Amy E. Feldman
PHILADELPHIA (CBS) - You know when the time is to think about when to use your vacation time? Um every minute? Yes, and there’s a new trend that will make you think even harder.
One recent trend in employee benefits is that of employers who allow employees to buy or sell their vacation time. That’s right. You can pay your boss not to have to come to work.
In some ways it’s hard to see why you’d do that when you have a solution to the “I hate work and I’d pay any money not to go” problem – you can quit, for nothing! But assuming all you want is the opportunity to take an extra week of vacation in the summer, many workplaces that don’t have unpaid time off policies are letting employees, who have on average 2.6 weeks of paid vacation per year – buy more time off and pay for it over several pay checks. And the number of employees taking advantage of the benefit is growing.
Employers need a policy on the matter to determine who’s eligible, what they will be charged, and when they need to make the request. They also need to remember that an employee with a disability may be entitled to time off without paying for it.
But employees, know this: According to a Pay Scale study, 57% of Americans don’t use all the vacation they have so before you buy more, try using up what you have.