My current job gives us each two weeks of vacation time each year but I just received a new job offer with a company that gives 80 hours of PTO each year. Is there a difference?

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There is no difference. 2 weeks of vacation and 80 hours of PTO are the same.

yes there is. what's the use it or lose policy as well as pay out policy?

The time is the same. But it's conceivable some other things could be different. It's a good idea to read the details, see if there are any restrictions that seem odd, or if the approval process seems difficult.

Confirm with the current employer if in addition to Vacation time you also receive Sick Days. If they are a separate bucket, moving to PTO of 80 hours is likely to be less of a perk as many employers combine vacation and sick time into one bucket (PTO).

Check to see if your state law requires sick pay. If yes, then they would need to offer you this sick on top on vacation. On the other hand, if just offering PTO, make sure any sick time laws that require carry over, offer that same carry over in your PTO plan.

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