Sunday, February 8, 2015

PTO (Paid Time Off)=Money in the Bank

For those of ya'll who work outside of the home...........do you receive PTO?  If so do you use it as fast as you get it or bank it?  Where I work we are allowed to carry over 240 hours each year.  Anything over that is lost if not used by December 31.

I've been thinking a lot lately how this really is money in the bank.  If you have an extended illness you will get paid as long as you have the time.  I know some folks use it pretty much as soon as they get it and that is their choice but I wonder if they consider the future at all.  This would really be helpful especially if you don't have a large emergency fund.

What do you think?  I'm not asking people to never take time off but I think we all should look at this benefit with new eyes.

5 comments:

  1. I have a bank that holds our employer based PTO. I use two weeks a year...I've been at my employer for eight and a half years. We are limited to a certain amount in our bank.

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  2. We aren't able to carry any over. We have to use it each year or lose it.

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  3. We aren't able to carry any over. We have to use it each year or lose it.

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  4. I get 15 paid sick days/year and 3 personal days/year. The personal days do not carry over, if I don't use them, I lose them and don't get paid for them either, should i not use them (some do in their line of work). I try to use those 3 every year. THe sick days can accumulate, up to 180 days. I really try not to use those, have to be in dires straits, health wise, NOT to go to work. I have missed 2 days this year-one was a terrible migraine, another was gastro issues. Typically, this is what expectant mothers use for either just post partem recouperation or both pre birth and postpartem, if deemed medically unable to continue to work, due to pregnancy complications. I was on bed rest with my last pregnancy, and it was a blessing to have those days accumulated as I was off work 3 months before the birth. fast forward, and I again tapped into my saved days when I had 2 back to back surgeries (one in Jan, another in May)-keeping me out of work5 months. I was paid that entire time. I've lived thru the "crap, I don't have enough accumulated sick days" scenario when I had to have another surgery, but would be out of work 8 weeks. I ended up losing a month's worth of income. Luckily, we live well below our means and I have an emergency fund, savings to tap into. We tightened the purse strings, made do, survived, absorbed that loss of income. Even with my planning, it was worrisome. So yes, bank those days-life can throw some curveballs!

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  5. At my job we HAVE to take at least 1 span of 5 days in a row off in a calendar year. I've had 2 pretty big surgeries since 2009 and thankful I had and still have the time to take if needed.

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