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Top best answers to the question «Is it better to take vacation or get paid out»
Re: Use or get paid out PTO
If you go the payout route, you will sometimes get a slightly better deal by taking an extended vacation at the end of your time rather than an actual payout. For example, you can carry your benefits into another month.
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If you're a money greedy person you would like getting paid. But if you're someone who believes in work life balance , giving time to your family, friends ,or like to socialize you would go for vacation. My Opinion - Taking vacation will always be better ,as half your life you will anyway spend in earning money.
If you’re a few days away from a holiday, it’s better to take the vacation and get paid for those holidays (duh). I knew someone who switched jobs around Thanksgiving. Using his vacation from his first employer, he was able to stretch is last day past Thanksgiving. He also started at his new job on the Monday before Thanksgiving.
I take what i need to for vacation, but whatever is left I let roll over each year. This is beneficial because eventually when I leave the company I will get that extra time paid out to me, and my hourly wage will be more in the future than it is right now.
However, as Muhammad Zulfigar aptly pointed out, paid vacation is better both for the employer and employee. To add his point, providing an experience (paid vacation) to a recipient as opposed to just cash gives a more longer lasting positive result.
Vacation pay is usually paid out when employees take their vacation, but in some jurisdictions, employees may receive their vacation pay on their work-anniversary date or on every paycheque instead. Get tips and guidelines for creating and managing a rock-solid paid time off policy for your organization in our latest ebook: The Smart Guide to Managing Employee Paid Time Off in Canada .
The advantage of taking vacation is you will probably accumulate a little more vacation leave and sick leave during those 8 weeks, maybe get paid for a holiday or two, will be able to fund your 401K a little longer and get any matching funds, and will add a couple of months to your pension time (you mentioned a pension in an earlier post).
Financial: Yes - you should use all your vacation, because getting the money for your PTO days is only for the hours you have and it doesn’t collect benefits. Always better to use your vacation days, unless you really need the money.
I have read that if you get cashed out, you will get taxed more, and therefore, get paid less. This is wrong. That being said, from a pure finance perspective, it's best to wait as long as possible to use PTO, because then your PTO will be paid (either as paid time off, or cashed out) at your highest pay rate.
Which is the right choice? Taking the lump sum. The simple reason is that you're not supposed to take leave on your way out the door.
A number of employers, particularly public agencies, allow their employees to accumulate significant amounts of paid time off, vacation or paid leave (collectively PTO). This article alerts employers to certain practices and policies regarding the cash-out of PTO that could result in large, unexpected tax problems for their employees.