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EY: that makes no sense. How do you think your hourly rate is calculated?
Sorry, but you guys still aren't making any sense. Your semi-monthly paycheck is NOT two weeks of pay (ie 10 days). It's 10 or 11 days of pay, or in some cases 12. But it's flattened so it's the same each paycheck, so generally 11 days of pay. So a paycheck is usually 88 hours, whereas your "two weeks" is only 80.
Details? Asking for a friend...
Take the vacation because you still get paid for weekends (80 hours = 14 days). If you take a payout you just get paid for hours/8 (80 hours = 10 days).
And what GT1 said makes even less sense.
Hehehe cucked. My favorite meme OP xD
Your paychecks are full annual salary, divided by 24, plain and simple. so 1/24th. Your payout would be 80/2080 which breaks down to 1/26th
It’s a difference of $200-300 before taxes. If you want cash, don’t take vacation. If you want time, take vacation.
GT1 is correct. Wish I knew that before I left, oh well.
Spoke with someone from HR and learned that vacation is always paid at your hourly rate instead of your salaried rate. For example, if you left with 2 weeks of unused vacation, the amount you are paid out is NOT the same as what you would’ve received from simply charging the vacation time.
From what the HR representative told me: it’s your annual salary divided by 2080 to get your hourly rate. It makes sense because there’s a reason the company tells you you have x amount of hours accrued instead of some other measurement of time. Based on that, I recalculated my vacation payout and it was correct.
EY & GT1: that makes sense. But as long as you don’t take time off between jobs, it’s still “extra” money. If you use it all and then quit, you get nothing.
I’d assume you still have normal living expenses while you’re taking that vacation, so there’s an argument for getting the lump sum payout, but if you plan to take a break between jobs, take the vacation instead. For pay out... even if it’s by hours and you don’t feel like you’re getting the “best deal,” you’re still getting money you didn’t have in your pocket before
This might be a dumb question... do these vacation payout rules apply when you take time off for maternity leave??