The intent of our vacation benefit is for qualified employees to enjoy paid time off away from the Company and not necessarily take cash outs. The Company understands some employees choose to receive their benefit in cash, in addition to their normal pay, as circumstances may dictate.
Effective immediately, no cash payouts will be made during the months of November, December or January of any year unless it is due to resignation or termination for a reason other than willful misconduct as set forth in the section “Resignations by Employees”. Active employees will each have the opportunity to make one (1) cash out against their Annual Leave during the months from February through October each year.
The Company will ONLY allow cash payouts up to one third (1/3) of the value of available Annual Leave when the request is made. This will leave 2/3 of an employee’s remaining Annual Leave for taking paid time off throughout the year.
Commentary (if any):
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