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Total guess but maybe this is the equivalent of unpaid time when you are a salaried employee
That would make sense to me. If that’s the case and they worded it that way, it is so misleading. Lol
This is the first I’ve heard of paying for vacation days.
This is incredibly common across many industries. Some companies give it at a discounted rate, some charge your daily pay (non paid time off).
It depends. Some will let you buy an extra week of time and it will cost you a weeks pay. Others you can buy an extra week off and it will cost you a half weeks pay. It really is just an added benefit to get some extra days off. Some paid some not. Normally they need to purchased within the first month or so of the fiscal year.
Many companies do this
If you know from first hand experience, can you explain this? What is the cost like? I’ve never heard of it before
You're only paying for additional vacation days outside of what your seniority allows you. You're not paying for what your base benefit is, per your length of employment as an FTE at the company ...
Thanks for sharing! Especially because you work there. So is it considered a perk because it’s better than 100% unpaid time off?
I’ve been with an unlimited PTO company for years and am just having a hard time understanding 1) it in general and 2) why it’s something to brag about in a job description
Yes very common
When I was at pharmacia & Upjohn, they had this option, which I loved, because your number of days of vacation only increased in 5 year increments. New hires only got 2 weeks’ paid vacation. So if you wanted more time off, you just paid for it (it did NOT cost you equivalent salary; it was deeply discounted).
I’ve seen this at other companies too. It is a great option for people who want more time off than the standard package allows.